Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Ausbil Investment Management Ltd

Ausbil Investment Management Ltd reduced its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 90.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,607 shares of the construction company's stock after selling 25,521 shares during the period. Ausbil Investment Management Ltd's holdings in Primoris Services were worth $150,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Arizona State Retirement System boosted its holdings in Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock valued at $1,190,000 after acquiring an additional 131 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Primoris Services by 4.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock worth $505,000 after purchasing an additional 268 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after purchasing an additional 268 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in shares of Primoris Services by 5.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after purchasing an additional 313 shares during the period. Finally, Principal Securities Inc. grew its holdings in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after purchasing an additional 343 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on PRIM. KeyCorp increased their target price on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a 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. DA Davidson reiterated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Piper Sandler lifted 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, Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Price Performance

Shares of PRIM opened at $74.03 on Monday. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 24.51 and a beta of 1.37. The firm's fifty day simple moving average is $68.64 and its 200-day simple moving average is $70.85. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

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. The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm earned $0.47 earnings per share. Equities analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently declared 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 0.43%. Primoris Services's dividend payout ratio is currently 8.47%.

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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