Foundry Partners LLC Trims Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Foundry Partners LLC decreased its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 35.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,039 shares of the construction company’s stock after selling 27,319 shares during the quarter. Foundry Partners LLC owned approximately 0.09% of Primoris Services worth $3,747,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Primoris Services by 33.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,296 shares of the construction company’s stock worth $946,000 after buying an additional 4,107 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Primoris Services by 0.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,240 shares of the construction company’s stock worth $6,984,000 after acquiring an additional 733 shares during the last quarter. Benjamin Edwards Inc. increased its holdings in shares of Primoris Services by 40,543.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock valued at $378,000 after acquiring an additional 6,487 shares during the period. Holocene Advisors LP purchased a new stake in Primoris Services in the 3rd quarter valued at $3,290,000. Finally, Janus Henderson Group PLC boosted its stake in Primoris Services by 29.9% during the 3rd quarter. Janus Henderson Group PLC now owns 91,932 shares of the construction company’s stock worth $5,340,000 after purchasing an additional 21,143 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. DA Davidson reaffirmed a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. KeyCorp assumed coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. One research 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 stock. Based on data from MarketBeat, Primoris Services currently has a consensus rating of “Buy” and an average price target of $89.14.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction 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 approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. Corporate insiders own 0.90% of the company’s stock.

Primoris Services Trading Down 4.5 %

NASDAQ:PRIM opened at $52.75 on Friday. Primoris Services Co. has a 1 year low of $42.82 and a 1 year high of $90.86. 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 stock has a fifty day moving average price of $67.99 and a two-hundred day moving average price of $71.50. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 17.47 and a beta of 1.13.

Primoris Services Announces Dividend

The business also recently disclosed 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 dividend yield of 0.61%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is 9.64%.

Primoris Services 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.