Y Intercept Hong Kong Ltd Sells 6,942 Shares of Primoris Services Co. (NASDAQ:PRIM)

Y Intercept Hong Kong Ltd reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 41.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,636 shares of the construction company’s stock after selling 6,942 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Primoris Services were worth $736,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRIM. USA Financial Formulas bought a new position in shares of Primoris Services during the fourth quarter valued at about $27,000. Nisa Investment Advisors LLC grew its stake in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after purchasing an additional 584 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the last quarter. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services in the third quarter worth about $59,000. Finally, Principal Securities Inc. grew its stake 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 worth $68,000 after purchasing an additional 343 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Insider Activity

In other news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now directly owns 23,818 shares in the company, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PRIM shares. KeyCorp started coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday. Guggenheim assumed coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $91.83.

Primoris Services Stock Performance

Shares of PRIM opened at $71.68 on Friday. The company has a 50-day simple moving average of $77.49 and a two-hundred day simple moving average of $69.76. Primoris Services Co. has a one year low of $38.38 and a one year high of $90.86. The firm has a market capitalization of $3.85 billion, a PE ratio of 23.74 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services Announces Dividend

The firm 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. Primoris Services’s payout ratio is 9.64%.

Primoris Services 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.