Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Deutsche Bank AG

Deutsche Bank AG lessened its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 61.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,305 shares of the construction company's stock after selling 77,601 shares during the quarter. Deutsche Bank AG owned about 0.09% of Primoris Services worth $3,691,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Alliancebernstein L.P. boosted its position in Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after purchasing an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. purchased a new stake in Primoris Services in the 4th quarter worth approximately $48,851,000. Invesco Ltd. boosted its position in Primoris Services by 27.5% in the 4th 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. boosted its position in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares in the last quarter. Finally, Norges Bank purchased a new stake in Primoris Services in the 4th quarter worth approximately $22,636,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares of the company's stock, 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 can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $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. In the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PRIM shares. Piper Sandler upped their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. KeyCorp upped their price objective on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. upped their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Finally, DA Davidson restated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $1.41 during midday trading on Monday, reaching $71.13. 792,995 shares of the company's stock traded hands, compared to its average volume of 773,804. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86. The company has a market cap of $3.84 billion, a P/E 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. The company has a fifty day simple moving average of $62.83 and a two-hundred day simple moving average of $71.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the firm posted $0.47 EPS. The business's revenue was up 16.7% on a year-over-year basis. Equities analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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