Tower Research Capital LLC TRC Has $187,000 Holdings in Primoris Services Co. (NASDAQ:PRIM)

Tower Research Capital LLC TRC cut its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 69.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,442 shares of the construction company's stock after selling 5,468 shares during the quarter. Tower Research Capital LLC TRC's holdings in Primoris Services were worth $187,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PRIM. Teachers Retirement System of The State of Kentucky bought a new stake in Primoris Services in the fourth quarter worth $1,470,000. MetLife Investment Management LLC boosted its stake in shares of Primoris Services by 4.6% during the 4th quarter. MetLife Investment Management LLC now owns 32,273 shares of the construction company's stock worth $2,466,000 after acquiring an additional 1,414 shares in the last quarter. First Trust Advisors LP increased 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 valued at $87,023,000 after acquiring an additional 155,347 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Primoris Services during the fourth quarter worth approximately $2,086,000. Finally, Farringdon Capital Ltd. acquired a new position in Primoris Services during the fourth quarter valued at approximately $510,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded down $0.11 during midday trading on Friday, reaching $68.37. 700,507 shares of the company's stock were exchanged, compared to its average volume of 742,862. The firm has a market capitalization of $3.69 billion, a PE ratio of 22.64 and a beta of 1.33. The company's 50 day simple moving average is $60.79 and its two-hundred day simple moving average is $71.39. Primoris Services Co. has a 12 month low of $45.92 and a 12 month 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.

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 for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the previous year, the business earned $0.47 earnings per share. The company's quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued 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 0.47%. Primoris Services's payout ratio is presently 8.47%.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 0.90% of the company's stock.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of research analyst reports. Piper Sandler raised their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday. Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. KeyCorp increased their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday. DA Davidson restated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $85.75.

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.