By otakuyassine3@gmail.com 
Corebridge Financial Inc. lessened its position in shares of Primoris Services Co. (NASDAQ:PRIM – Free Report) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,575 shares of the construction company’s stock after selling 2,006 shares during the period. Corebridge Financial Inc.’s holdings in Primoris Services were worth $2,030,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after purchasing an additional 91,235 shares during the period. Citigroup Inc. boosted its position in shares of Primoris Services by 268.8% in the third quarter. Citigroup Inc. now owns 76,058 shares of the construction company’s stock valued at $4,417,000 after acquiring an additional 55,434 shares during the period. CreativeOne Wealth LLC acquired a new position in shares of Primoris Services in the third quarter valued at about $340,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Primoris Services by 33.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,296 shares of the construction company’s stock worth $946,000 after acquiring an additional 4,107 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Primoris Services by 0.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,240 shares of the construction company’s stock valued at $6,984,000 after purchasing an additional 733 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.
Wall Street Analysts Forecast Growth
PRIM has been the subject of a number of analyst reports. Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target for the company. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Finally, DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $89.14.
Get Our Latest Research Report on Primoris Services
Insider Activity at Primoris Services
In related news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of 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 position. The sale was disclosed in a filing 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 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 owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last quarter. Insiders own 1.40% of the company’s stock.
Primoris Services Stock Performance
Primoris Services stock opened at $57.54 on Wednesday. The stock has a market cap of $3.09 billion, a PE ratio of 19.05 and a beta of 1.13. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12-month low of $40.74 and a 12-month high of $90.86. The business’s 50-day moving average price is $69.89 and its two-hundred day moving average price is $71.71.
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 given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio is 9.64%.
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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