Envestnet Portfolio Solutions Inc. Buys New Stake in Primoris Services Co. (NASDAQ:PRIM)

Envestnet Portfolio Solutions Inc. purchased a new stake in Primoris Services Co. (NASDAQ:PRIM) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 4,111 shares of the construction company’s stock, valued at approximately $314,000.

Other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of Primoris Services by 1.3% in 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 buying an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC boosted its holdings in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after acquiring an additional 374,926 shares during the period. Yaupon Capital Management LP grew its position in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after acquiring an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Primoris Services by 14.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company’s stock valued at $52,942,000 after purchasing an additional 85,943 shares during the period. Finally, Congress Asset Management Co. acquired a new position in shares of Primoris Services during the fourth quarter worth $48,851,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

PRIM stock opened at $57.48 on Friday. The firm has a market cap of $3.09 billion, a P/E ratio of 19.03 and a beta of 1.13. The stock’s 50 day simple moving average is $71.62 and its 200 day simple moving average is $71.32. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12-month low of $40.74 and a 12-month high of $90.86.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PRIM. Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. DA Davidson reiterated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, KeyCorp started coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $89.14.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last quarter. Insiders own 1.40% of the company’s stock.

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.