73,039 Shares in Primoris Services Co. (NASDAQ:PRIM) Bought by Congress Wealth Management LLC DE

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

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock valued at $477,112,000 after purchasing an additional 82,261 shares during the last quarter. Geode Capital Management LLC boosted its position in Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after buying an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC grew its stake in shares of Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares during the last quarter. Yaupon Capital Management LP increased its holdings in shares of Primoris Services by 28.4% during the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after buying an additional 154,627 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Primoris Services by 14.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company’s stock valued at $52,942,000 after acquiring an additional 85,943 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PRIM shares. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. DA Davidson reiterated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Finally, KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. One 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. 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 %

PRIM opened at $64.89 on Wednesday. The stock has a market cap of $3.49 billion, a PE ratio of 21.49 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 twelve month low of $40.74 and a twelve month high of $90.86. The company has a fifty day moving average of $72.62 and a 200-day moving average of $71.49.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Insider Activity

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction 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 sale, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade 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 valued at $4,310,043 in the last ninety days. 1.40% of the stock is owned by company insiders.

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.