Goodlander Investment Management LLC bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 125,000 shares of the construction company's stock, valued at approximately $9,550,000. Primoris Services accounts for approximately 7.2% of Goodlander Investment Management LLC's portfolio, making the stock its 8th largest position. Goodlander Investment Management LLC owned about 0.23% of Primoris Services at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in 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 purchasing an additional 381,284 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after buying an additional 4,623 shares during the period. Hsbc Holdings PLC increased its holdings in shares of Primoris Services by 74.3% during the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock worth $3,514,000 after buying an additional 19,530 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after buying an additional 22,223 shares during the period. Finally, AMI Asset Management Corp boosted its holdings in Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after acquiring an additional 6,350 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.
Primoris Services Price Performance
Shares of PRIM stock opened at $68.37 on Friday. The firm has a fifty day simple moving average of $60.82 and a 200-day simple moving average of $71.43. The company has a market capitalization of $3.69 billion, a PE ratio of 22.64 and a beta of 1.33. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.
Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data 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 net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the prior year, the company posted $0.47 EPS. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.
Primoris Services Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.47%. Primoris Services's dividend payout ratio is presently 8.47%.
Analyst Ratings Changes
A number of equities analysts have recently commented on PRIM shares. Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Piper Sandler increased their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Finally, DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $85.75.
Get Our Latest Report on PRIM
Insider Buying and Selling at Primoris Services
In related news, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares of the company's stock, valued at $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 in the last three months. Corporate insiders own 0.90% of the company's stock.
Primoris Services Company Profile
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Free Report)
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.
See Also
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