Nuveen Asset Management LLC Lowers Holdings in Primoris Services Co. (NASDAQ:PRIM)

Nuveen Asset Management LLC cut its stake in Primoris Services Co. (NASDAQ:PRIM) by 3.9% in the fourth quarter, HoldingsChannel reports. The firm owned 563,765 shares of the construction company’s stock after selling 22,932 shares during the quarter. Nuveen Asset Management LLC’s holdings in Primoris Services were worth $43,072,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Farther Finance Advisors LLC lifted its holdings in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. raised its stake in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after purchasing an additional 343 shares during the last quarter. Covestor Ltd raised its position in Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after buying an additional 910 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in Primoris Services during the fourth quarter worth about $97,000. Finally, Venturi Wealth Management LLC purchased a new position in shares of Primoris Services during the 4th quarter worth approximately $143,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM opened at $74.98 on Tuesday. The business’s 50-day simple moving average is $62.11 and its 200 day simple moving average is $72.07. Primoris Services Co. has a one year low of $45.92 and a one year 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. The company has a market cap of $4.05 billion, a P/E ratio of 24.83 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business 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 firm posted $0.47 earnings per share. The company’s revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts forecast that Primoris Services Co. will post 3.26 earnings per share 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 paid a $0.08 dividend. 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 0.43%. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PRIM shares. Jefferies Financial Group began 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 reiterated a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Piper Sandler upped their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $85.75.

Insider Buying and Selling at Primoris Services

In related 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 transaction of $67,864.00. Following the sale, the director now owns 7,377 shares in the company, valued at $501,636. This represents a 11.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now 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 disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 over the last quarter. 1.40% of the stock is owned by corporate 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.