Royce & Associates LP Cuts Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Royce & Associates LP lessened its holdings in Primoris Services Co. (NASDAQ:PRIM) by 24.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 201,004 shares of the construction company’s stock after selling 65,334 shares during the period. Royce & Associates LP owned about 0.37% of Primoris Services worth $15,357,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRIM. QRG Capital Management Inc. lifted its holdings in Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after buying an additional 4,623 shares during the period. Quest Partners LLC boosted its position in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after purchasing an additional 15,450 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after purchasing an additional 22,223 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in Primoris Services by 40,543.8% in the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after purchasing an additional 6,487 shares in the last quarter. Finally, AMI Asset Management Corp lifted its position in shares of Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after buying an additional 6,350 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Trading Up 2.8 %

Shares of NASDAQ:PRIM opened at $67.14 on Monday. The business has a 50-day moving average price of $74.66 and a 200-day moving average price of $70.91. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 22.23 and a beta of 1.13. Primoris Services Co. has a 52-week low of $39.79 and a 52-week high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Insider Transactions at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PRIM has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. KeyCorp initiated coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and a consensus target price of $89.14.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.