Summit Partners Public Asset Management LLC Sells 312,970 Shares of Primoris Services Co. (NASDAQ:PRIM)

Summit Partners Public Asset Management LLC cut its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 37.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 526,883 shares of the construction company's stock after selling 312,970 shares during the quarter. Primoris Services makes up 0.8% of Summit Partners Public Asset Management LLC's holdings, making the stock its 20th biggest holding. Summit Partners Public Asset Management LLC owned approximately 0.98% of Primoris Services worth $40,254,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PRIM. USA Financial Formulas acquired a new position in Primoris Services in the fourth quarter valued at $27,000. Farther Finance Advisors LLC raised its position in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after acquiring an additional 746 shares in the last quarter. Principal Securities Inc. lifted its stake in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after purchasing an additional 343 shares during the period. Covestor Ltd boosted its position in shares of Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after purchasing an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new stake in Primoris Services during the fourth quarter worth approximately $97,000. Institutional investors own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value 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 represents a 56.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company's stock.

Primoris Services Stock Down 5.1%

PRIM traded down $3.81 during trading on Thursday, hitting $70.69. 743,285 shares of the company's stock were exchanged, compared to its average volume of 766,962. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. The stock has a market cap of $3.82 billion, a P/E ratio of 23.42 and a beta of 1.33. The business's 50 day moving average is $62.45 and its two-hundred day moving average is $72.11. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Primoris Services Announces Dividend

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 given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is currently 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.