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

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 35.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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. owned 0.08% of Primoris Services worth $3,237,000 at the end of the most recent reporting period.

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

Insider Activity

In related news, 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 completion of the transaction, the director now directly 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 document filed with the SEC, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were 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 directly owns 12,586 shares in the company, valued at $858,868.64. This trade 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.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of analyst reports. KeyCorp began coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued 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 report on Tuesday, February 25th. Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. One 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $89.14.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $64.50 on Tuesday. The company’s fifty day moving average is $74.35 and its two-hundred day moving average is $70.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market capitalization of $3.47 billion, a P/E ratio of 21.36 and a beta of 1.13. Primoris Services Co. has a one year low of $39.79 and a one year high of $90.86.

Primoris Services Dividend Announcement

The business 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. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.50%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

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.