GW&K Investment Management LLC Sells 316,247 Shares of Primoris Services Co. (NASDAQ:PRIM)

GW&K Investment Management LLC cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 19.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,299,013 shares of the construction company's stock after selling 316,247 shares during the period. GW&K Investment Management LLC owned about 2.43% of Primoris Services worth $43,141,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PRIM. CWM LLC grew its stake in Primoris Services by 85.1% during the 4th quarter. CWM LLC now owns 855 shares of the construction company's stock valued at $28,000 after purchasing an additional 393 shares in the last quarter. Group One Trading L.P. acquired a new stake in shares of Primoris Services during the third quarter worth approximately $44,000. Federated Hermes Inc. bought a new stake in shares of Primoris Services in the fourth quarter worth $61,000. New York State Teachers Retirement System acquired a new stake in Primoris Services in the fourth quarter valued at $159,000. Finally, Precision Wealth Strategies LLC bought a new position in Primoris Services during the 4th quarter valued at $202,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded up $0.51 during mid-day trading on Tuesday, hitting $52.33. The company had a trading volume of 366,077 shares, compared to its average volume of 502,354. Primoris Services Co. has a 12 month low of $26.29 and a 12 month high of $52.75. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 19.55 and a beta of 1.14. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.38 and a quick ratio of 1.38. The firm's 50 day simple moving average is $45.11 and its two-hundred day simple moving average is $37.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.39. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company's revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities research analysts forecast that Primoris Services Co. will post 2.67 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.46%. Primoris Services's dividend payout ratio (DPR) is presently 9.06%.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Primoris Services from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 7th. DA Davidson increased their target price on Primoris Services from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday, April 4th. The Goldman Sachs Group upped their price target on Primoris Services from $38.00 to $43.00 and gave the company a "neutral" rating in a research report on Thursday, April 4th. Finally, UBS Group boosted their target price on shares of Primoris Services from $44.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, April 5th.

Insider Transactions at Primoris Services

In related news, CAO Travis L. Stricker sold 7,500 shares of the firm's stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the sale, the chief accounting officer now directly owns 9,068 shares in the company, valued at approximately $362,720. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the transaction, the chief accounting officer now owns 9,068 shares in the company, valued at approximately $362,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Lee King sold 2,500 shares of the business's stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total transaction of $101,725.00. Following the sale, the director now owns 29,217 shares in the company, valued at $1,188,839.73. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,448 shares of company stock worth $3,198,349. Company insiders own 1.30% of the company's stock.

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.