Ameriprise Financial Inc. Reduces Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Ameriprise Financial Inc. lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 28.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 200,980 shares of the construction company’s stock after selling 81,770 shares during the period. Ameriprise Financial Inc. owned 0.37% of Primoris Services worth $15,355,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Primoris Services by 1.3% during the fourth 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 in the last quarter. Invesco Ltd. lifted its position in shares of Primoris Services by 27.5% during the fourth 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 in the last quarter. Alliancebernstein L.P. lifted its position in shares of Primoris Services by 2,302.4% during the fourth 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 in the last quarter. First Trust Advisors LP lifted its position in shares of Primoris Services by 15.8% during the fourth 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 in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Primoris Services by 97.4% during the fourth 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 in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 0.0%

NASDAQ PRIM opened at $75.52 on Friday. The stock’s 50-day simple moving average is $61.92 and its two-hundred day simple moving average is $71.93. Primoris Services Co. has a twelve month low of $45.92 and a twelve month 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. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 25.01 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 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 business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the business posted $0.47 earnings per share. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. Research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid 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 0.42%. Primoris Services’s dividend payout ratio (DPR) is currently 8.47%.

Analyst Ratings Changes

Several research firms have issued reports on PRIM. KeyCorp increased their target price on Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Guggenheim reiterated a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. DA Davidson reiterated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. One 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, Primoris Services currently has an average rating of “Moderate Buy” and a consensus price target of $85.75.

Insider Activity

In other news, Director Stephen C. Cook sold 998 shares of the firm’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 transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by insiders.

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.