Y Intercept Hong Kong Ltd Reduces Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Y Intercept Hong Kong Ltd decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 41.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,636 shares of the construction company’s stock after selling 6,942 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Primoris Services were worth $736,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Creative Planning bought a new stake in Primoris Services during the 3rd quarter valued at $424,000. Blue Trust Inc. raised its holdings in Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after acquiring an additional 197 shares during the period. Nisa Investment Advisors LLC raised its holdings in Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares during the period. QRG Capital Management Inc. raised its holdings in Primoris Services by 4.2% during the 3rd quarter. QRG Capital Management Inc. now owns 76,356 shares of the construction company’s stock valued at $4,435,000 after acquiring an additional 3,108 shares during the period. Finally, Hanseatic Management Services Inc. raised its holdings in Primoris Services by 4.6% during the 3rd quarter. Hanseatic Management Services Inc. now owns 16,874 shares of the construction company’s stock valued at $980,000 after acquiring an additional 741 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.40% of the company’s stock.

Primoris Services Trading Down 0.0 %

NASDAQ PRIM opened at $71.68 on Friday. The stock’s 50-day simple moving average is $77.49 and its two-hundred day simple moving average is $69.76. Primoris Services Co. has a twelve month low of $38.38 and a twelve month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of 23.74 and a beta of 1.14.

Primoris Services Announces Dividend

The company also recently declared 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 of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. Primoris Services’s payout ratio is 9.64%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday. The Goldman Sachs Group upped their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $91.83.

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.