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

Franklin Resources Inc. lessened its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 46.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,152,220 shares of the construction company’s stock after selling 1,007,631 shares during the period. Franklin Resources Inc.’s holdings in Primoris Services were worth $88,030,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. QRG Capital Management Inc. lifted its holdings in shares of Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock valued at $6,187,000 after acquiring an additional 4,623 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after purchasing an additional 22,223 shares during the last quarter. Benjamin Edwards Inc. boosted its position in Primoris Services by 40,543.8% in the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock valued at $378,000 after buying an additional 6,487 shares in the last quarter. AMI Asset Management Corp grew its stake in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after buying an additional 6,350 shares during the last quarter. Finally, Congress Asset Management Co. acquired a new stake in shares of Primoris Services during the fourth quarter worth approximately $48,851,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PRIM shares. DA Davidson restated 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. raised their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. Finally, Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $89.14.

Primoris Services Trading Up 3.1 %

PRIM opened at $59.33 on Thursday. The firm has a 50 day simple moving average of $69.32 and a 200 day simple moving average of $71.62. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 19.65 and a beta of 1.13. Primoris Services Co. has a fifty-two week low of $42.22 and a fifty-two week high of $90.86. 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 Dividend Announcement

The business also recently announced 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. This represents a $0.32 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Insider Activity at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the 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 transaction, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by company insiders.

About Primoris Services

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.