Axa S.A. Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

Axa S.A. bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 65,191 shares of the construction company's stock, valued at approximately $4,981,000. Axa S.A. owned approximately 0.12% of Primoris Services at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PRIM. Barclays PLC boosted its position in Primoris Services by 245.8% during the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after acquiring an additional 81,111 shares in the last quarter. Fulton Bank N.A. boosted its position in shares of Primoris Services by 3.5% during the fourth quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company's stock valued at $918,000 after purchasing an additional 406 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after purchasing an additional 22,223 shares during the period. PFW Advisors LLC purchased a new position in Primoris Services during the fourth quarter valued at $245,000. Finally, Redhawk Wealth Advisors Inc. lifted its position in Primoris Services by 6.0% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 36,294 shares of the construction company's stock valued at $2,773,000 after buying an additional 2,045 shares during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services 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 transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares in the company, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. Insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of recent research reports. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. Piper Sandler assumed coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price for the company. DA Davidson restated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. Finally, KeyCorp cut their target price on Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $84.75.

Primoris Services Stock Down 3.0 %

Primoris Services stock opened at $65.08 on Wednesday. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 21.55 and a beta of 1.33. 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 Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The stock has a fifty day simple moving average of $60.89 and a two-hundred day simple moving average of $71.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services's revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. Equities analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

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.

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