CenterBook Partners LP Buys New Shares in Primoris Services Co. (NASDAQ:PRIM)

CenterBook Partners LP purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 20,375 shares of the construction company’s stock, valued at approximately $1,557,000.

Several other institutional investors and hedge funds have also bought and sold shares of PRIM. Arizona State Retirement System lifted its stake in shares of Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after buying an additional 131 shares in the last quarter. TD Private Client Wealth LLC increased its position in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Primoris Services by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after purchasing an additional 268 shares during the period. HighTower Advisors LLC lifted its position in shares of Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares in the last quarter. Finally, Principal Securities Inc. raised its position in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. Piper Sandler initiated coverage on Primoris Services in a research report on Tuesday. They set an “overweight” rating and a $75.00 price target for the company. DA Davidson reissued a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim reissued a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $88.38.

Primoris Services Stock Down 3.4 %

Shares of NASDAQ:PRIM opened at $56.59 on Friday. Primoris Services Co. has a 52 week low of $42.82 and a 52 week 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 company has a market cap of $3.04 billion, a PE ratio of 18.74 and a beta of 1.17. The firm has a 50 day simple moving average of $65.78 and a 200 day simple moving average of $71.40.

Primoris Services Dividend Announcement

The company 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 dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s payout ratio is presently 9.64%.

Insider Buying and Selling

In other 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 owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now owns 12,586 shares in the company, 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 sold 66,888 shares of company stock worth $4,310,043 in the last quarter. 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.