Congress Wealth Management LLC DE Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

Congress Wealth Management LLC DE acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 73,039 shares of the construction company’s stock, valued at approximately $5,580,000. Congress Wealth Management LLC DE owned approximately 0.14% of Primoris Services as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. USA Financial Formulas bought a new stake in Primoris Services during the fourth quarter worth $27,000. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services during the 3rd quarter worth about $59,000. Farther Finance Advisors LLC raised its holdings in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares during the period. Principal Securities Inc. lifted its stake in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC grew 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 worth $69,000 after purchasing an additional 230 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PRIM shares. 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 research report on Wednesday, February 26th. 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 began coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. Finally, KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $89.14.

Primoris Services Trading Down 1.1 %

Shares of Primoris Services stock opened at $64.89 on Wednesday. Primoris Services Co. has a 52-week low of $40.74 and a 52-week high of $90.86. The stock has a market cap of $3.49 billion, a PE ratio of 21.49 and a beta of 1.13. The firm has a 50-day moving average of $72.62 and a 200-day moving average of $71.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.49%. Primoris Services’s dividend payout ratio is presently 9.64%.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The shares were 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 in the company, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company’s stock.

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.