NEOS Investment Management LLC Has $7.16 Million Position in Primoris Services Co. (NASDAQ:PRIM)

NEOS Investment Management LLC increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 10.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 93,734 shares of the construction company’s stock after buying an additional 8,855 shares during the period. NEOS Investment Management LLC owned 0.17% of Primoris Services worth $7,161,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. USA Financial Formulas acquired a new stake in Primoris Services in the 4th quarter worth about $27,000. Farther Finance Advisors LLC increased its holdings in shares of Primoris Services by 3,552.4% during 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 during the period. Principal Securities Inc. raised its position in shares of 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 in the last quarter. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services in the third quarter valued at approximately $59,000. Finally, TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the subject of several analyst reports. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. DA Davidson reaffirmed a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. 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 report on Wednesday, February 26th. Finally, Guggenheim started 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. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and an average price target of $89.14.

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were 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 directly owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction on 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 owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. 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. Insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

PRIM stock opened at $57.48 on Friday. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 19.03 and a beta of 1.13. 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 company has a 50 day simple moving average of $71.62 and a 200 day simple moving average of $71.32. Primoris Services Co. has a 1 year low of $40.74 and a 1 year high of $90.86.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

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.