Grandeur Peak Global Advisors LLC Buys 63,409 Shares of Primoris Services Co. (NASDAQ:PRIM)

Grandeur Peak Global Advisors LLC increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 56.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 174,901 shares of the construction company’s stock after purchasing an additional 63,409 shares during the period. Primoris Services makes up approximately 1.2% of Grandeur Peak Global Advisors LLC’s holdings, making the stock its 24th largest position. Grandeur Peak Global Advisors LLC owned 0.33% of Primoris Services worth $13,362,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. EP Wealth Advisors LLC bought a new position in shares of Primoris Services during the 3rd quarter worth approximately $238,000. Y Intercept Hong Kong Ltd increased its holdings in shares of Primoris Services by 70.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 16,578 shares of the construction company’s stock worth $963,000 after buying an additional 6,834 shares in the last quarter. Barclays PLC raised its stake in shares of Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock valued at $6,628,000 after acquiring an additional 81,111 shares during the last quarter. Vestcor Inc bought a new position in Primoris Services in the 3rd quarter valued at $925,000. Finally, Geode Capital Management LLC grew its stake in shares of Primoris Services by 1.3% during 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 purchasing an additional 15,070 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. Guggenheim reiterated a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, Piper Sandler assumed coverage on shares of Primoris Services in a research report on Tuesday. They issued an “overweight” rating and a $75.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services has a consensus rating of “Buy” and a consensus target price of $88.38.

Primoris Services Stock Performance

NASDAQ PRIM opened at $57.17 on Friday. Primoris Services Co. has a 12-month low of $42.82 and a 12-month high of $90.86. The firm has a 50-day moving average price of $65.42 and a two-hundred day moving average price of $71.39. The company has a market capitalization of $3.07 billion, a P/E ratio of 18.93 and a beta of 1.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

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 issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company’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 in the company, valued at $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock worth $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.