Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp reduced its stake in Primoris Services Co. by 12.9% during the first quarter, holding 61,287 shares valued at approximately $3.52 million.
• Primoris Services reported a quarterly earnings per share of $0.98, surpassing analysts' expectations of $0.70, with revenues of $1.65 billion for the quarter.
• The company declared a quarterly dividend of $0.08 per share, representing an annualized dividend yield of 0.4%, with a payout ratio of 8.47%.

Alberta Investment Management Corp trimmed its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,287 shares of the construction company's stock after selling 9,078 shares during the quarter. Alberta Investment Management Corp owned approximately 0.11% of Primoris Services worth $3,518,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after buying an additional 381,284 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after purchasing an additional 3,561 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Primoris Services during the 1st quarter worth $231,000. SG Americas Securities LLC purchased a new position in Primoris Services during the 1st quarter valued at about $1,070,000. Finally, KBC Group NV increased its position in Primoris Services by 24.5% during the first quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after buying an additional 558 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the completion of the transaction, the director owned 102,281 shares of the company's stock, valued at $7,913,480.97. The trade was a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRIM. Janney Montgomery Scott began coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, July 17th. JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, KeyCorp increased their target price on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and an average target price of $91.56.

Primoris Services Stock Up 2.1%

Shares of Primoris Services stock traded up $1.94 on Monday, hitting $93.08. 1,317,260 shares of the company's stock traded hands, compared to its average volume of 919,205. The stock has a market cap of $5.03 billion, a P/E ratio of 30.82 and a beta of 1.44. 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 firm's 50-day moving average is $80.83 and its 200 day moving average is $72.14. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $96.16.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 EPS. Equities analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, June 30th. Primoris Services's payout ratio is currently 8.47%.

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.