56,630 Shares in Primoris Services Co. (NASDAQ:PRIM) Acquired by DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 56,630 shares of the construction company's stock, valued at approximately $4,327,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main owned about 0.11% of Primoris Services as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in PRIM. Barclays PLC raised its stake in Primoris Services by 245.8% in the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after purchasing an additional 81,111 shares during the last quarter. Fulton Bank N.A. raised its stake in Primoris Services by 3.5% in the 4th 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 during the last quarter. Harbor Capital Advisors Inc. raised its stake in 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 valued at $1,711,000 after purchasing an additional 22,223 shares during the last quarter. PFW Advisors LLC acquired a new position in Primoris Services in the 4th quarter valued at $245,000. Finally, Redhawk Wealth Advisors Inc. raised its stake in Primoris Services by 6.0% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 36,294 shares of the construction company's stock valued at $2,773,000 after purchasing an additional 2,045 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Trading Up 3.8%

Shares of Primoris Services stock traded up $2.59 on Monday, reaching $70.89. The company had a trading volume of 952,237 shares, compared to its average volume of 742,372. The firm's 50 day moving average price is $60.87 and its two-hundred day moving average price is $71.64. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The firm has a market cap of $3.83 billion, a PE ratio of 23.47 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) 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 company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the company earned $0.47 earnings per share. The firm's quarterly revenue was up 16.7% compared to the same quarter last year. Sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were 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 directly owns 12,586 shares of the company's stock, valued at approximately $858,868.64. The trade was a 26.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last three months. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler raised 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, May 7th. Guggenheim reaffirmed a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. KeyCorp increased their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. 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 research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $85.75.

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.