Deutsche Bank AG Sells 77,601 Shares of Primoris Services Co. (NASDAQ:PRIM)

Deutsche Bank AG trimmed its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 61.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,305 shares of the construction company's stock after selling 77,601 shares during the period. Deutsche Bank AG owned approximately 0.09% of Primoris Services worth $3,691,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in 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 acquiring an additional 381,284 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after buying an additional 4,623 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Primoris Services by 74.3% during the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock worth $3,514,000 after purchasing an additional 19,530 shares during the period. AMI Asset Management Corp increased its holdings in shares of Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after purchasing an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. acquired a new stake in shares of Primoris Services in the fourth quarter valued at about $48,851,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Trading Down 0.5%

NASDAQ PRIM opened at $74.82 on Wednesday. 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 $4.04 billion, a PE ratio of 24.77 and a beta of 1.33. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The firm's fifty day simple moving average is $62.30 and its 200-day simple moving average is $72.09.

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

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Insider Transactions at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now directly owns 7,377 shares of the company's stock, valued at approximately $501,636. The trade was a 11.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This 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 valued at $4,310,043. Corporate insiders own 1.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Guggenheim reissued a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. Piper Sandler lifted their price target 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. KeyCorp boosted their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

Primoris Services 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.

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