1492 Capital Management LLC Has $3.35 Million Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

1492 Capital Management LLC reduced its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 31.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,823 shares of the construction company's stock after selling 19,660 shares during the quarter. Primoris Services comprises 1.6% of 1492 Capital Management LLC's holdings, making the stock its 23rd largest holding. 1492 Capital Management LLC owned about 0.08% of Primoris Services worth $3,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the period. QRG Capital Management Inc. raised its stake in Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after buying an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after buying an additional 22,223 shares during the period. AMI Asset Management Corp lifted its holdings in Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after buying an additional 6,350 shares during the period. Finally, Congress Asset Management Co. bought a new stake in Primoris Services during the fourth quarter valued at $48,851,000. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRIM. Guggenheim reissued a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson reissued a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. KeyCorp reduced their price objective on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $84.75.

Read Our Latest Research Report on Primoris Services

Primoris Services Stock Performance

Shares of PRIM stock opened at $56.35 on Friday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a fifty day simple moving average of $63.72 and a two-hundred day simple moving average of $71.29. Primoris Services Co. has a 12 month low of $42.86 and a 12 month high of $90.86. The firm has a market capitalization of $3.04 billion, a PE ratio of 18.66 and a beta of 1.17.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.57%. Primoris Services's dividend payout ratio is presently 9.64%.

Insider Activity at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on 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 in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by corporate insiders.

About Primoris Services

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.

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