Nuveen LLC purchased a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,942,126 shares of the construction company's stock, valued at approximately $111,497,000. Nuveen LLC owned 3.60% of Primoris Services as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Trust Advisors LP boosted its position in Primoris Services by 15.8% during 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 acquiring an additional 155,347 shares in the last quarter. Congress Asset Management Co. boosted its position in shares of Primoris Services by 19.8% in the 1st quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock worth $43,967,000 after purchasing an additional 126,430 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Primoris Services by 9.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company's stock worth $43,362,000 after purchasing an additional 62,350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Primoris Services by 5.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 736,740 shares of the construction company's stock worth $56,287,000 after purchasing an additional 40,805 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Primoris Services by 10.6% in the 4th quarter. Northern Trust Corp now owns 545,309 shares of the construction company's stock worth $41,662,000 after purchasing an additional 52,168 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.
Primoris Services Price Performance
Primoris Services stock traded up $0.63 during mid-day trading on Friday, reaching $111.75. The company had a trading volume of 1,054,742 shares, compared to its average volume of 936,502. Primoris Services Co. has a 1 year low of $48.33 and a 1 year high of $115.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $6.04 billion, a P/E ratio of 37.00 and a beta of 1.44. The stock's 50-day simple moving average is $87.48 and its 200-day simple moving average is $73.87.
Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same period last year, the company posted $1.04 EPS. The company's revenue was up 20.9% on a year-over-year basis. On average, equities analysts predict 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 will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.
Insider Buying and Selling
In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the transaction, the director owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.90% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. UBS Group lifted their price objective on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, July 17th. Piper Sandler lifted their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, KeyCorp boosted their price objective on Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $99.44.
Get Our Latest Stock Analysis on Primoris Services
Primoris Services Company Profile
(
Free Report)
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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