Nuveen Asset Management LLC Sells 22,932 Shares of Primoris Services Co. (NASDAQ:PRIM)

Nuveen Asset Management LLC cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 3.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 563,765 shares of the construction company's stock after selling 22,932 shares during the quarter. Nuveen Asset Management LLC owned approximately 1.05% of Primoris Services worth $43,072,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Barclays PLC boosted its stake in Primoris Services by 245.8% in the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock worth $6,628,000 after purchasing an additional 81,111 shares during the period. AMI Asset Management Corp lifted its stake 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 during the last quarter. Dakota Wealth Management bought a new stake in Primoris Services in the fourth quarter worth $539,000. Janney Montgomery Scott LLC bought a new stake in shares of Primoris Services in the 4th quarter worth about $436,000. Finally, Inspire Investing LLC lifted its stake in Primoris Services by 118.7% in the fourth quarter. Inspire Investing LLC now owns 15,554 shares of the construction company's stock worth $1,188,000 after purchasing an additional 8,443 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $74.98 on Tuesday. The firm has a market cap of $4.05 billion, a PE ratio of 24.83 and a beta of 1.33. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The business has a 50-day moving average price of $62.11 and a 200 day moving average price of $72.07. 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 (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter in the previous year, the company earned $0.47 earnings per share. The company's quarterly revenue was up 16.7% on a year-over-year basis. Sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Primoris Services

In other 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 transaction of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares in the company, 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 SEC, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares of the company's stock, valued at approximately $501,636. This trade represents a 11.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,888 shares of company stock valued at $4,310,043. Corporate insiders own 1.40% of the company's stock.

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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