Advisors Asset Management Inc. Has $6.30 Million Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Advisors Asset Management Inc. lowered its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 9.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,393 shares of the construction company’s stock after selling 8,769 shares during the quarter. Advisors Asset Management Inc. owned approximately 0.15% of Primoris Services worth $6,295,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of 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 acquiring an additional 15,070 shares during the last quarter. Summit Partners Public Asset Management LLC raised its position in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares during the last quarter. Yaupon Capital Management LP boosted its stake in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after purchasing an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Primoris Services by 14.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company’s stock worth $52,942,000 after purchasing an additional 85,943 shares during the last quarter. Finally, Congress Asset Management Co. acquired a new stake in shares of Primoris Services in the fourth quarter valued at $48,851,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

PRIM stock opened at $64.66 on Thursday. Primoris Services Co. has a twelve month low of $39.79 and a twelve month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $3.48 billion, a P/E ratio of 21.41 and a beta of 1.13. The business’s fifty day moving average is $73.78 and its 200-day moving average is $70.98.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares of the company’s stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PRIM has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective 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. DA Davidson reissued a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective 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 objective on the stock. Finally, Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. One research 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. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $89.14.

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.