Allspring Global Investments Holdings LLC Sells 971 Shares of Primoris Services Co. (NASDAQ:PRIM)

Allspring Global Investments Holdings LLC lowered its holdings in Primoris Services Co. (NASDAQ:PRIM) by 6.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,101 shares of the construction company’s stock after selling 971 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Primoris Services were worth $761,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PRIM. Blue Trust Inc. grew its stake in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares during the period. CWM LLC grew its position in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after acquiring an additional 220 shares during the period. Arizona State Retirement System increased its position in Primoris Services by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after acquiring an additional 294 shares in the last quarter. EntryPoint Capital LLC raised its stake in shares of Primoris Services by 16.2% in the first quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock worth $157,000 after acquiring an additional 513 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Primoris Services by 8.5% during the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock worth $406,000 after purchasing an additional 751 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PRIM. UBS Group lifted their target price on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,391 shares of company stock valued at $3,075,454. Corporate insiders own 1.30% of the company’s stock.

Primoris Services Stock Performance

PRIM stock opened at $62.62 on Friday. Primoris Services Co. has a twelve month low of $28.96 and a twelve month high of $64.36. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The company has a market cap of $3.36 billion, a P/E ratio of 22.05 and a beta of 1.07. The business’s fifty day moving average is $57.67 and its 200-day moving average is $53.45.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 earnings per share. Equities research analysts forecast that Primoris Services Co. will post 3.33 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date was Friday, September 27th. Primoris Services’s dividend payout ratio is currently 8.45%.

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.