Picton Mahoney Asset Management Trims Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Picton Mahoney Asset Management trimmed its stake in Primoris Services Co. (NASDAQ:PRIM) by 37.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,105 shares of the construction company’s stock after selling 2,414 shares during the period. Picton Mahoney Asset Management’s holdings in Primoris Services were worth $314,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. USA Financial Formulas purchased a new position in shares of Primoris Services during the fourth quarter worth about $27,000. Millburn Ridgefield Corp purchased a new position in Primoris Services during the 3rd quarter worth approximately $59,000. Farther Finance Advisors LLC grew its stake in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. lifted its stake in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in shares of 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 acquiring an additional 230 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Performance

Shares of PRIM stock opened at $67.14 on Monday. 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 has a 50 day simple moving average of $74.66 and a 200-day simple moving average of $70.91. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 22.23 and a beta of 1.13. Primoris Services Co. has a 12-month low of $39.79 and a 12-month high of $90.86.

Primoris Services Announces Dividend

The firm 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 $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Analyst Ratings Changes

Several research firms recently commented on PRIM. DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim started coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They issued 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. Finally, 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 on the stock. One equities research 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 company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $89.14.

Insiders Place Their Bets

In other news, Director Stephen C. Cook sold 998 shares of Primoris Services 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 completion of the sale, the director now directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

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.