Nebula Research & Development LLC Cuts Position in Primoris Services Co. (NASDAQ:PRIM)

Nebula Research & Development LLC decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 54.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,168 shares of the construction company’s stock after selling 13,088 shares during the period. Nebula Research & Development LLC’s holdings in Primoris Services were worth $853,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Primoris Services by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after purchasing an additional 82,261 shares during the period. Invesco Ltd. boosted its position in shares of Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after acquiring an additional 430,589 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after acquiring an additional 1,274,839 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Primoris Services by 15.8% during the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock worth $87,023,000 after acquiring an additional 155,347 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after acquiring an additional 381,284 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 1.9 %

PRIM stock opened at $60.59 on Monday. The company has a market capitalization of $3.27 billion, a PE ratio of 20.06 and a beta of 1.17. Primoris Services Co. has a 12 month low of $45.37 and a 12 month high of $90.86. The firm’s 50-day moving average is $61.67 and its 200 day moving average is $71.36. 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 business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services’s dividend payout ratio is presently 9.64%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PRIM shares. KeyCorp lowered their price objective on shares of Primoris Services from $90.00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Guggenheim reiterated a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. Piper Sandler began coverage on shares of Primoris Services in a research report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price objective for the company. DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services currently has a consensus rating of “Buy” and an average target price of $84.75.

Insider Buying and Selling

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the company’s 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 sale, the director now owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $4,310,043 in the last 90 days. Company insiders own 1.40% of the company’s stock.

Primoris Services Company 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.