Corebridge Financial Inc. Sells 2,006 Shares of Primoris Services Co. (NASDAQ:PRIM)

Corebridge Financial Inc. trimmed its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 7.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 26,575 shares of the construction company’s stock after selling 2,006 shares during the quarter. Corebridge Financial Inc.’s holdings in Primoris Services were worth $2,030,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRIM. Charles Schwab Investment Management Inc. raised its holdings in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after purchasing an additional 91,235 shares during the last quarter. Citigroup Inc. increased its position in shares of Primoris Services by 268.8% during the third quarter. Citigroup Inc. now owns 76,058 shares of the construction company’s stock worth $4,417,000 after buying an additional 55,434 shares during the period. CreativeOne Wealth LLC bought a new position in Primoris Services during the third quarter worth $340,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Primoris Services by 33.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,296 shares of the construction company’s stock valued at $946,000 after buying an additional 4,107 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Primoris Services by 0.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,240 shares of the construction company’s stock valued at $6,984,000 after acquiring an additional 733 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRIM has been the topic of a number of recent analyst reports. DA Davidson reissued a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Jefferies Financial Group began coverage on Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Finally, Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target for the company. One research 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 company. Based on data from MarketBeat.com, Primoris Services currently has an average rating of “Buy” and a consensus target price of $89.14.

Primoris Services Stock Performance

PRIM opened at $57.54 on Wednesday. Primoris Services Co. has a 1-year low of $40.74 and a 1-year high of $90.86. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 19.05 and a beta of 1.13. The company’s fifty day moving average price is $69.89 and its two-hundred day moving average price is $71.71. 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 Announces Dividend

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

Insider Buying and Selling at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was 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, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,888 shares of company stock worth $4,310,043. 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.