Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 37.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,105 shares of the construction company’s stock after selling 2,414 shares during the quarter. Picton Mahoney Asset Management’s holdings in Primoris Services were worth $314,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PRIM. USA Financial Formulas purchased a new stake in shares of Primoris Services in the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC grew its holdings in 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 buying an additional 746 shares in the last quarter. Principal Securities Inc. increased its stake in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares during the last quarter. Millburn Ridgefield Corp purchased a new position in shares of Primoris Services during the 3rd quarter worth $59,000. Finally, TD Private Client Wealth LLC raised its holdings in shares of Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PRIM shares. Jefferies Financial Group began 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. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. 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. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $89.14.

Primoris Services Price Performance

PRIM stock opened at $67.14 on Monday. The business’s fifty day moving average price is $74.66 and its 200 day moving average price is $70.91. Primoris Services Co. has a 12-month low of $39.79 and a 12-month high of $90.86. 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 company has a market capitalization of $3.61 billion, a PE ratio of 22.23 and a beta of 1.13.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. 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.