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

Summit Partners Public Asset Management LLC trimmed its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 37.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 526,883 shares of the construction company's stock after selling 312,970 shares during the period. Primoris Services accounts for 0.8% of Summit Partners Public Asset Management LLC's investment portfolio, making the stock its 20th biggest position. Summit Partners Public Asset Management LLC owned about 0.98% of Primoris Services worth $40,254,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after acquiring an additional 82,261 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Primoris Services by 27.5% during the 4th 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 during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after acquiring an additional 1,274,839 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of 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 acquiring an additional 155,347 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after acquiring an additional 381,284 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PRIM shares. Piper Sandler lifted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. KeyCorp lifted their price objective 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. lifted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $75.52 on Friday. The stock has a market cap of $4.08 billion, a PE ratio of 25.01 and a beta of 1.33. The company's fifty day moving average is $61.92 and its 200 day moving average is $71.87. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86. 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 released its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter in the previous year, the company earned $0.47 earnings per share. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. Research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders 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 dividend yield of 0.42%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Insider Buying and Selling at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. The trade was a 26.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by company insiders.

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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