Primoris Services Co. (NASDAQ:PRIM) Shares Bought by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 11.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,272 shares of the construction company's stock after purchasing an additional 14,032 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.25% of Primoris Services worth $10,258,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after purchasing an additional 82,261 shares during the period. Invesco Ltd. lifted its holdings in 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 acquiring an additional 430,589 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Primoris Services by 2,302.4% in the fourth 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 period. First Trust Advisors LP raised 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 worth $87,023,000 after purchasing an additional 155,347 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 381,284 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Trading Down 0.5%

NASDAQ:PRIM traded down $0.39 on Wednesday, reaching $73.13. 581,878 shares of the stock traded hands, compared to its average volume of 772,446. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 24.22 and a beta of 1.33. Primoris Services Co. has a 1-year low of $45.92 and a 1-year 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. The company's 50 day moving average is $64.30 and its 200-day moving average is $71.73.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 EPS. Equities research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio is currently 8.47%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Jefferies Financial Group initiated coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. KeyCorp upped 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. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler lifted their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $85.75.

Insider Buying and Selling at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services 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 completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

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.