Advisors Asset Management Inc. Sells 8,769 Shares of Primoris Services Co. (NASDAQ:PRIM)

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

Several other hedge funds and other institutional investors have also recently modified their holdings of PRIM. USA Financial Formulas bought a new position in shares of Primoris Services during the fourth quarter worth about $27,000. Millburn Ridgefield Corp bought a new position in shares of Primoris Services during the 3rd quarter worth approximately $59,000. Farther Finance Advisors LLC lifted its position in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. boosted its holdings in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after purchasing an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Up 1.6 %

PRIM opened at $64.66 on Thursday. 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 stock’s fifty day simple moving average is $73.78 and its 200 day simple moving average is $70.98. Primoris Services Co. has a 1-year low of $39.79 and a 1-year high of $90.86. The stock has a market cap of $3.48 billion, a PE ratio of 21.41 and a beta of 1.13.

Primoris Services Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction dated 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,888 shares of company stock valued at $4,310,043. Company 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.