Allspring Global Investments Holdings LLC Has $455,000 Holdings in Primoris Services Co. (NASDAQ:PRIM)

Allspring Global Investments Holdings LLC increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 21.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,705 shares of the construction company’s stock after buying an additional 2,448 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Primoris Services were worth $455,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Walleye Capital LLC raised its stake in Primoris Services by 125.9% during the 3rd quarter. Walleye Capital LLC now owns 100,603 shares of the construction company’s stock worth $3,293,000 after buying an additional 56,060 shares during the period. Heartland Advisors Inc. bought a new position in Primoris Services during the 3rd quarter worth about $4,091,000. Barclays PLC increased its holdings in Primoris Services by 17.8% during the 3rd quarter. Barclays PLC now owns 13,632 shares of the construction company’s stock worth $447,000 after purchasing an additional 2,062 shares in the last quarter. Essex Investment Management Co. LLC increased its holdings in Primoris Services by 14.2% during the 3rd quarter. Essex Investment Management Co. LLC now owns 282,449 shares of the construction company’s stock worth $9,245,000 after purchasing an additional 35,079 shares in the last quarter. Finally, Boston Partners increased its holdings in Primoris Services by 17.7% during the 3rd quarter. Boston Partners now owns 524,767 shares of the construction company’s stock worth $16,894,000 after purchasing an additional 78,922 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $45.41 on Friday. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 19.57 and a beta of 1.19. The business has a 50-day moving average of $41.85 and a 200-day moving average of $35.52. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services Co. has a fifty-two week low of $23.48 and a fifty-two week high of $47.87.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.21. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. Primoris Services’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.93 EPS. As a group, sell-side analysts predict that Primoris Services Co. will post 2.61 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.53%. Primoris Services’s dividend payout ratio (DPR) is currently 10.34%.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of research reports. UBS Group increased their target price on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, April 5th. DA Davidson increased their target price on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. StockNews.com cut Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. Finally, The Goldman Sachs Group increased their target price on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th.

Insider Activity at Primoris Services

In related news, CAO Travis L. Stricker sold 7,500 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Travis L. Stricker sold 7,500 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Lee King sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total transaction of $101,725.00. Following the sale, the director now owns 29,217 shares of the company’s stock, valued at $1,188,839.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,000 shares of company stock worth $2,040,125. 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.