NEOS Investment Management LLC Has $7.16 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

NEOS Investment Management LLC raised its position in Primoris Services Co. (NASDAQ:PRIM) by 10.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 93,734 shares of the construction company’s stock after purchasing an additional 8,855 shares during the period. NEOS Investment Management LLC’s holdings in Primoris Services were worth $7,161,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. USA Financial Formulas acquired a new position in Primoris Services in the fourth quarter valued at $27,000. Millburn Ridgefield Corp acquired a new stake in Primoris Services during the third quarter worth approximately $59,000. Farther Finance Advisors LLC increased its holdings in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. lifted its stake in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares during the period. Finally, TD Private Client Wealth LLC boosted its holdings in shares of Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

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

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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 0.56%. Primoris Services’s dividend payout ratio is currently 9.64%.

Insider Transactions at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s 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 in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last 90 days. Insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. 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. Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. DA Davidson reiterated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group started coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted 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. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $89.14.

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.