Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 35.4% during the fourth quarter, Holdings Channel reports. The fund owned 42,375 shares of the construction company’s stock after purchasing an additional 11,082 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Primoris Services were worth $3,237,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its stake in shares of Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after purchasing an additional 131 shares during the last quarter. TD Private Client Wealth LLC boosted 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 acquiring an additional 230 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after acquiring an additional 268 shares during the period. HighTower Advisors LLC raised its holdings in Primoris Services by 5.3% in the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares during the last quarter. Finally, Virtue Capital Management LLC lifted its stake in shares of Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after purchasing an additional 342 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of recent analyst reports. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. 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 price objective for the company. Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 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 research report on Wednesday, February 26th. Finally, DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $89.14.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the firm’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 transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

Primoris Services Price Performance

PRIM opened at $64.50 on Tuesday. Primoris Services Co. has a 52-week low of $39.79 and a 52-week high of $90.86. The company has a market cap of $3.47 billion, a P/E ratio of 21.36 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. The company has a 50 day moving average of $74.35 and a two-hundred day moving average of $70.97.

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 $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.50%. Primoris Services’s dividend payout ratio (DPR) is currently 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.