GW&K Investment Management LLC Trims Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

GW&K Investment Management LLC lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 3.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 596,689 shares of the construction company's stock after selling 19,539 shares during the period. GW&K Investment Management LLC owned 1.11% of Primoris Services worth $34,256,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased 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 buying an additional 381,284 shares during the period. Allspring Global Investments Holdings LLC increased its position in Primoris Services by 34.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after buying an additional 3,561 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in Primoris Services during the first quarter worth approximately $231,000. SG Americas Securities LLC acquired a new position in Primoris Services during the first quarter worth approximately $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 during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Price Performance

Shares of Primoris Services stock traded up $2.91 during trading on Friday, reaching $92.84. The company's stock had a trading volume of 299,535 shares, compared to its average volume of 911,364. 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 12-month low of $45.92 and a 12-month high of $93.84. The company has a market capitalization of $5.01 billion, a P/E ratio of 30.75 and a beta of 1.37. The business has a 50 day moving average price of $78.50 and a 200-day moving average price of $71.73.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share 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 the consensus estimate of $1.49 billion. During the same period in the previous year, the business earned $0.47 earnings per share. The company's revenue for the quarter 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 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.08 per share. The ex-dividend date was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.34%. Primoris Services's payout ratio is 8.47%.

Wall Street Analyst Weigh In

Several research analysts have commented on PRIM shares. Janney Montgomery Scott started coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday. Guggenheim reissued a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, July 17th. Piper Sandler boosted their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, KeyCorp boosted their target price on Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Primoris Services has an average rating of "Moderate Buy" and a consensus price target of $91.56.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the sale, the director directly owned 102,281 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. 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.