Northwestern Mutual Wealth Management Co. Purchases New Position in Primoris Services Co. (NASDAQ:PRIM)

Northwestern Mutual Wealth Management Co. purchased a new stake in Primoris Services Co. (NASDAQ:PRIM) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 2,377 shares of the construction company’s stock, valued at approximately $119,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PRIM. Goldman Sachs Group Inc. boosted its holdings in Primoris Services by 122.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock valued at $17,395,000 after purchasing an additional 288,651 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Primoris Services in the fourth quarter valued at approximately $805,000. Allspring Global Investments Holdings LLC boosted its holdings in Primoris Services by 9.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 14,941 shares of the construction company’s stock valued at $636,000 after purchasing an additional 1,236 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Primoris Services by 339.4% in the first quarter. Principal Financial Group Inc. now owns 29,332 shares of the construction company’s stock valued at $1,249,000 after purchasing an additional 22,656 shares in the last quarter. Finally, Thompson Davis & CO. Inc. boosted its holdings in Primoris Services by 57.1% in the first quarter. Thompson Davis & CO. Inc. now owns 20,075 shares of the construction company’s stock valued at $855,000 after purchasing an additional 7,300 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,391 shares of company stock worth $3,075,454 over the last 90 days. 1.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $61.52 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. Primoris Services Co. has a twelve month low of $28.96 and a twelve month high of $61.93. The stock has a 50 day moving average of $55.11 and a two-hundred day moving average of $51.76. The stock has a market cap of $3.30 billion, a P/E ratio of 21.66 and a beta of 1.07.

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

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, September 27th. Primoris Services’s dividend payout ratio (DPR) is presently 8.45%.

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.