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

Nuveen Asset Management LLC lessened its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 3.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. 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 1.05% of Primoris Services worth $43,072,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in Primoris Services by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after acquiring an additional 82,261 shares in the last quarter. Invesco Ltd. raised its position in shares of Primoris Services by 27.5% during the fourth 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 during the period. Alliancebernstein L.P. raised 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 valued at $101,628,000 after buying an additional 1,274,839 shares during the last quarter. First Trust Advisors LP grew its stake in Primoris Services by 15.8% in the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock valued at $87,023,000 after purchasing an additional 155,347 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after purchasing an additional 381,284 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Insiders Place Their Bets

In related news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34% decrease in their position. The sale was disclosed in a legal filing 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 stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,888 shares of company stock worth $4,310,043. Insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp boosted their target price on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Piper Sandler upped their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Guggenheim restated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Finally, Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. 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.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $85.75.

Primoris Services Stock Performance

NASDAQ PRIM traded up $1.41 during trading hours on Friday, hitting $71.13. The company had a trading volume of 792,995 shares, 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 PE ratio of 23.55 and a beta of 1.33. The business has a 50 day moving average of $62.71 and a 200-day moving average of $72.04. 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 issued its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share 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 period last year, the company posted $0.47 EPS. The company's revenue was up 16.7% on a year-over-year basis. As a group, equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm 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 dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.45%. Primoris Services's dividend payout ratio (DPR) is 8.47%.

About Primoris Services

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.