Allspring Global Investments Holdings LLC Acquires 2,448 Shares of Primoris Services Co. (NASDAQ:PRIM)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 21.7% in the 4th quarter, HoldingsChannel reports. The fund owned 13,705 shares of the construction company’s stock after purchasing an additional 2,448 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Primoris Services were worth $455,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Group One Trading L.P. bought a new stake in shares of Primoris Services during the third quarter worth about $44,000. New York State Teachers Retirement System bought a new stake in shares of Primoris Services during the fourth quarter worth about $159,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Primoris Services during the third quarter worth about $230,000. Corton Capital Inc. bought a new stake in shares of Primoris Services during the third quarter worth about $234,000. Finally, Camelot Portfolios LLC bought a new stake in shares of Primoris Services during the fourth quarter worth about $239,000. 91.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on PRIM shares. UBS Group boosted their target price on shares of Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. DA Davidson upped their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, StockNews.com downgraded shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th.

Primoris Services Trading Up 0.9 %

Shares of PRIM stock opened at $45.41 on Friday. Primoris Services Co. has a 52-week low of $23.48 and a 52-week high of $47.87. The company has a 50-day simple moving average of $41.85 and a two-hundred day simple moving average of $35.52. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 19.57 and a beta of 1.19. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.41.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.21. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the prior year, the firm earned $0.93 EPS. The company’s revenue was up 14.0% compared to the same quarter last year. Research analysts anticipate that Primoris Services Co. will post 2.61 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Wednesday, March 27th. Primoris Services’s dividend payout ratio is currently 10.34%.

Insider Activity

In other news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total transaction of $826,200.00. Following the completion of the transaction, the director now directly owns 217,281 shares of the company’s stock, valued at approximately $8,975,878.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Travis L. Stricker sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the sale, the chief accounting officer now directly owns 9,068 shares in the company, valued at approximately $362,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total transaction of $826,200.00. Following the sale, the director now owns 217,281 shares in the company, valued at $8,975,878.11. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock valued at $2,040,125 in the last three months. Company insiders own 1.40% of the company’s stock.

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.