Primoris Services Co. (NASDAQ:PRIM) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 34.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,922 shares of the construction company's stock after acquiring an additional 3,561 shares during the period. Allspring Global Investments Holdings LLC's holdings in Primoris Services were worth $799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of PRIM. Alliancebernstein L.P. boosted its stake in shares of Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after acquiring an additional 1,274,839 shares in the last quarter. Invesco Ltd. boosted its position in Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after purchasing an additional 430,589 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after purchasing an additional 381,284 shares during the period. Norges Bank purchased a new stake in shares of Primoris Services in the fourth quarter valued at approximately $22,636,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Primoris Services during the 4th quarter valued at approximately $21,199,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the stock in a transaction that occurred 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 sale, the director directly owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.90% of the stock is owned by corporate insiders.

Primoris Services Stock Up 0.7%

Primoris Services stock traded up $0.56 during mid-day trading on Thursday, reaching $85.18. 1,137,414 shares of the company's stock were exchanged, compared to its average volume of 784,351. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The company has a market cap of $4.60 billion, a P/E ratio of 28.21 and a beta of 1.37. The company has a fifty day moving average of $74.59 and a 200-day moving average of $71.07.

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

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. Primoris Services's payout ratio is 8.47%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PRIM. Janney Montgomery Scott began coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective on the stock. Guggenheim reiterated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. KeyCorp boosted their target price on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, Piper Sandler lifted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $87.56.

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.