Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Simplicity Wealth LLC

Simplicity Wealth LLC lowered its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 58.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,650 shares of the construction company's stock after selling 6,673 shares during the quarter. Simplicity Wealth LLC's holdings in Primoris Services were worth $267,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PRIM. JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the period. QRG Capital Management Inc. increased its stake in Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after acquiring an additional 4,623 shares during the last quarter. Hsbc Holdings PLC raised its holdings in Primoris Services by 74.3% during the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after buying an additional 19,530 shares during the period. Congress Asset Management Co. bought a new stake in Primoris Services in the fourth quarter worth about $48,851,000. Finally, Alberta Investment Management Corp grew its position in Primoris Services by 21.5% in the 4th quarter. Alberta Investment Management Corp now owns 70,365 shares of the construction company's stock valued at $5,376,000 after acquiring an additional 12,475 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred 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 represents a 56.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.40% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on PRIM shares. JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. Piper Sandler upped their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Stock Performance

NASDAQ PRIM traded up $0.43 on Friday, reaching $74.15. 706,240 shares of the company's stock traded hands, compared to its average volume of 774,489. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 24.55 and a beta of 1.37. The stock has a 50 day moving average price of $66.43 and a 200-day moving average price of $71.39.

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 (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. 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 firm posted $0.47 EPS. The company's revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. Primoris Services's payout ratio is 8.47%.

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.