Ameriprise Financial Inc. Decreases Holdings in Primoris Services Co. (NASDAQ:PRIM)

Ameriprise Financial Inc. lowered its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 28.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 200,980 shares of the construction company's stock after selling 81,770 shares during the period. Ameriprise Financial Inc. owned about 0.37% of Primoris Services worth $15,355,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after buying an additional 381,284 shares during the last quarter. QRG Capital Management Inc. grew 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 worth $6,187,000 after buying an additional 4,623 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of Primoris Services by 74.3% during the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock worth $3,514,000 after buying an additional 19,530 shares during the last quarter. AMI Asset Management Corp grew its holdings in shares of 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. purchased a new position in shares of Primoris Services during the fourth quarter worth about $48,851,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. DA Davidson reissued a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. Piper Sandler raised their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. KeyCorp lifted their price objective on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, Jefferies Financial Group started coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Stock Performance

PRIM traded up $1.41 during trading on Friday, reaching $71.13. The company's stock had a trading volume of 792,995 shares, compared to its average volume of 772,262. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The company's fifty day moving average price is $62.71 and its 200-day moving average price is $72.13. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 23.55 and a beta of 1.33. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.47 EPS. On average, equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. Primoris Services's dividend payout ratio is currently 8.47%.

Insider Buying and Selling

In other news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction on 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 sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. This represents a 26.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 in the last ninety days. Insiders own 1.40% of the company's stock.

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.