Portolan Capital Management LLC Has $8.19 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Portolan Capital Management LLC reduced its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 34.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 107,242 shares of the construction company’s stock after selling 55,848 shares during the period. Portolan Capital Management LLC owned about 0.20% of Primoris Services worth $8,193,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. EP Wealth Advisors LLC bought a new stake in shares of Primoris Services in the third quarter worth $238,000. Barclays PLC raised its stake in shares of Primoris Services by 245.8% during the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock worth $6,628,000 after buying an additional 81,111 shares during the period. Geode Capital Management LLC grew its stake in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after acquiring an additional 15,070 shares during the period. TD Private Client Wealth LLC lifted its holdings in Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Primoris Services by 45.0% during the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock worth $2,940,000 after purchasing an additional 15,710 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock worth $4,310,043 over the last three months. Corporate insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PRIM. Guggenheim reissued a “buy” rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday. JPMorgan Chase & Co. raised their price objective on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. Piper Sandler assumed coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They issued an “overweight” rating and a $75.00 price target on the stock. Finally, DA Davidson reaffirmed a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $88.38.

Primoris Services Stock Up 1.3 %

PRIM stock opened at $57.17 on Monday. Primoris Services Co. has a one year low of $42.82 and a one year high of $90.86. The stock has a market capitalization of $3.08 billion, a P/E ratio of 18.93 and a beta of 1.17. 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 company has a 50 day moving average price of $65.42 and a two-hundred day moving average price of $71.49.

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 issued a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.56%. Primoris Services’s dividend payout ratio is presently 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.