Franklin Resources Inc. Has $88.03 Million Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Franklin Resources Inc. decreased its stake in Primoris Services Co. (NASDAQ:PRIM) by 46.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,152,220 shares of the construction company’s stock after selling 1,007,631 shares during the quarter. Franklin Resources Inc. owned 2.15% of Primoris Services worth $88,030,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Citigroup Inc. increased its position in shares of Primoris Services by 268.8% in the third quarter. Citigroup Inc. now owns 76,058 shares of the construction company’s stock worth $4,417,000 after acquiring an additional 55,434 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Primoris Services by 33.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,296 shares of the construction company’s stock worth $946,000 after purchasing an additional 4,107 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Primoris Services by 0.6% during the 3rd 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 purchasing an additional 733 shares during the period. Benjamin Edwards Inc. raised its stake in Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock valued at $378,000 after purchasing an additional 6,487 shares during the period. Finally, Cinctive Capital Management LP lifted its holdings in shares of Primoris Services by 69.8% in the third quarter. Cinctive Capital Management LP now owns 31,322 shares of the construction company’s stock valued at $1,819,000 after purchasing an additional 12,874 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were 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 three months, insiders have sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PRIM shares. DA Davidson reissued a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. increased their price target 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. Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. Guggenheim assumed coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. Finally, KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $89.14.

Primoris Services Stock Up 3.1 %

Primoris Services stock opened at $59.33 on Thursday. Primoris Services Co. has a 1-year low of $42.22 and a 1-year high of $90.86. The firm’s fifty day simple moving average is $69.32 and its 200-day simple moving average is $71.62. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $3.19 billion, a P/E ratio of 19.65 and a beta of 1.13.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.54%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

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.