Fox Run Management L.L.C. Takes Position in Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Fox Run Management L.L.C. purchased 32,341 shares of Primoris Services Co. for approximately $1,857,000, owning 0.06% of the company as of the latest reporting period.
• Primoris Services reported quarterly earnings of $1.68 EPS, exceeding analyst expectations; revenue increased by 20.9% year-over-year to $1.89 billion.
• The company declared a quarterly dividend of $0.08 per share, with the next payment scheduled for October 15th, reflecting a current payout ratio of 7.26%.

Fox Run Management L.L.C. acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 32,341 shares of the construction company's stock, valued at approximately $1,857,000. Fox Run Management L.L.C. owned about 0.06% of Primoris Services as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRIM. Allspring Global Investments Holdings LLC grew its holdings in shares of Primoris Services by 34.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after buying an additional 3,561 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in Primoris Services during the first quarter worth approximately $231,000. SG Americas Securities LLC acquired a new stake in Primoris Services during the first quarter worth approximately $1,070,000. KBC Group NV boosted its holdings in shares of Primoris Services by 24.5% in the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock valued at $163,000 after purchasing an additional 558 shares in the last quarter. Finally, Hsbc Holdings PLC boosted 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 valued at $3,514,000 after acquiring an additional 19,530 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on PRIM shares. UBS Group lifted their price objective on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Guggenheim reaffirmed a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. Piper Sandler upped their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. KeyCorp upped their price target on shares of Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.44.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.40% of the company's stock.

Primoris Services Trading Up 0.6%

Shares of PRIM traded up $0.63 during trading on Friday, reaching $111.75. 1,054,742 shares of the company traded hands, compared to its average volume of 936,502. Primoris Services Co. has a twelve month low of $48.33 and a twelve month high of $115.99. The stock has a market cap of $6.04 billion, a PE ratio of 37.00 and a beta of 1.44. The stock has a 50-day simple moving average of $88.19 and a 200-day simple moving average of $74.14. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the firm earned $1.04 EPS. Primoris Services's revenue for the quarter was up 20.9% on a year-over-year basis. On average, analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's dividend payout ratio is 7.26%.

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.