Summit Global Investments Has $630,000 Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Summit Global Investments cut its position in Primoris Services Co. (NASDAQ:PRIM) by 4.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,240 shares of the construction company’s stock after selling 394 shares during the quarter. Summit Global Investments’ holdings in Primoris Services were worth $630,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Primoris Services by 150.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,293 shares of the construction company’s stock valued at $1,817,000 after purchasing an additional 18,823 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Primoris Services in the 3rd quarter valued at approximately $913,000. Charles Schwab Investment Management Inc. grew its holdings in Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after buying an additional 91,235 shares during the last quarter. Eagle Asset Management Inc. grew its holdings in Primoris Services by 2.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 196,977 shares of the construction company’s stock valued at $11,440,000 after buying an additional 4,365 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of Primoris Services by 268.8% in the third quarter. Citigroup Inc. now owns 76,058 shares of the construction company’s stock worth $4,417,000 after acquiring an additional 55,434 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $63.68 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm’s 50-day simple moving average is $73.22 and its 200-day simple moving average is $71.26. The firm has a market cap of $3.42 billion, a P/E ratio of 21.08 and a beta of 1.13. Primoris Services Co. has a twelve month low of $40.66 and a twelve month high of $90.86.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio is 9.64%.

Analyst Upgrades and Downgrades

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

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 in the last 90 days. 1.40% of the stock is owned by corporate insiders.

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.