Mercer Global Advisors Inc. ADV Cuts Position in Primoris Services Co. (NASDAQ:PRIM)

Mercer Global Advisors Inc. ADV trimmed its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 5.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 94,156 shares of the construction company’s stock after selling 5,510 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Primoris Services were worth $7,193,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. USA Financial Formulas purchased a new stake in shares of Primoris Services during the 4th quarter valued at $27,000. Farther Finance Advisors LLC increased its holdings in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. raised its position in 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 acquiring an additional 343 shares during the period. Covestor Ltd boosted its stake in Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock valued at $71,000 after acquiring an additional 910 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of Primoris Services during the 4th quarter worth approximately $97,000. 91.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on PRIM. Piper Sandler initiated coverage on Primoris Services in a report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price objective for the company. Guggenheim restated a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. 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 report on Wednesday, February 26th. DA Davidson restated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, KeyCorp lowered their target price on shares of Primoris Services from $90.00 to $67.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Primoris Services has a consensus rating of “Buy” and a consensus target price of $84.75.

Primoris Services Trading Up 3.6 %

Primoris Services stock opened at $66.17 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. The stock has a market cap of $3.57 billion, a P/E ratio of 21.91 and a beta of 1.33. The firm’s fifty day moving average price is $61.14 and its 200-day moving average price is $71.34.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. Primoris Services’s payout ratio is currently 9.64%.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 transaction, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company’s 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 owns 12,586 shares of the company’s stock, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by insiders.

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.