Summit Global Investments Sells 394 Shares of Primoris Services Co. (NASDAQ:PRIM)

Summit Global Investments trimmed its position in Primoris Services Co. (NASDAQ:PRIM) by 4.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 8,240 shares of the construction company’s stock after selling 394 shares during the quarter. Summit Global Investments’ holdings in Primoris Services were worth $630,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PRIM. Teacher Retirement System of Texas boosted its holdings in Primoris Services by 20.8% in the fourth quarter. Teacher Retirement System of Texas now owns 39,560 shares of the construction company’s stock valued at $3,022,000 after acquiring an additional 6,799 shares during the last quarter. West Tower Group LLC bought a new position in Primoris Services in the fourth quarter valued at about $1,528,000. Xponance Inc. boosted its stake in shares of Primoris Services by 11.1% in the 4th quarter. Xponance Inc. now owns 4,849 shares of the construction company’s stock valued at $370,000 after purchasing an additional 486 shares during the last quarter. Boston Partners boosted its stake in shares of Primoris Services by 4.5% in the 4th quarter. Boston Partners now owns 496,702 shares of the construction company’s stock valued at $39,204,000 after purchasing an additional 21,409 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC boosted its stake in shares of Primoris Services by 337.8% in the 4th quarter. Counterpoint Mutual Funds LLC now owns 19,509 shares of the construction company’s stock valued at $1,490,000 after purchasing an additional 15,053 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PRIM. Guggenheim began coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective 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. Jefferies Financial Group started coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $89.14.

Primoris Services Trading Down 1.2 %

Shares of NASDAQ:PRIM opened at $63.68 on Monday. The company has a market capitalization of $3.42 billion, a P/E ratio of 21.08 and a beta of 1.13. Primoris Services Co. has a 1 year low of $40.66 and a 1 year high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50 day simple moving average is $73.22 and its 200 day simple moving average is $71.26.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.50%. Primoris Services’s payout ratio is 9.64%.

Insiders Place Their Bets

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 over the last ninety days. 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.