PNC Financial Services Group Inc. Has $505,000 Position in Primoris Services Co. (NASDAQ:PRIM)

PNC Financial Services Group Inc. raised its position in Primoris Services Co. (NASDAQ:PRIM) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,611 shares of the construction company’s stock after buying an additional 268 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Primoris Services were worth $505,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PRIM. Principal Financial Group Inc. grew its holdings in Primoris Services by 45.0% in the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock valued at $2,940,000 after buying an additional 15,710 shares in the last quarter. KBC Group NV grew its holdings in Primoris Services by 28.5% in the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares in the last quarter. Quest Partners LLC grew its holdings in Primoris Services by 1,945.8% in the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after buying an additional 15,450 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Primoris Services by 150.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,293 shares of the construction company’s stock valued at $1,817,000 after buying an additional 18,823 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in Primoris Services by 2.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 91,162 shares of the construction company’s stock valued at $5,295,000 after buying an additional 2,510 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of PRIM stock opened at $64.66 on Thursday. 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 Co. has a twelve month low of $39.79 and a twelve month high of $90.86. The company has a market cap of $3.48 billion, a P/E ratio of 21.41 and a beta of 1.13. The business has a fifty day simple moving average of $73.78 and a 200 day simple moving average of $70.98.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given 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 0.49%. Primoris Services’s dividend payout ratio is currently 9.64%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. KeyCorp assumed coverage on 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 set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim assumed coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. One equities 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’s stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Buy” and a consensus price target of $89.14.

Insider Buying and Selling

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen C. Cook sold 998 shares of the 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 transaction, the director now owns 7,377 shares of the company’s stock, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last ninety days. 1.40% of the stock is owned by insiders.

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.