Vestcor Inc purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,811 shares of the construction company's stock, valued at approximately $219,000.
Several other hedge funds have also bought and sold shares of PRIM. Invesco Ltd. boosted its stake in shares of Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after acquiring an additional 430,589 shares during the period. First Trust Advisors LP boosted its stake in shares of Primoris Services by 15.8% in the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after acquiring an additional 155,347 shares during the period. Congress Asset Management Co. boosted its stake in shares of Primoris Services by 19.8% in the first quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock worth $43,967,000 after acquiring an additional 126,430 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Primoris Services by 5.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 736,740 shares of the construction company's stock worth $56,287,000 after acquiring an additional 40,805 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Primoris Services by 10.6% in the fourth quarter. Northern Trust Corp now owns 545,309 shares of the construction company's stock worth $41,662,000 after acquiring an additional 52,168 shares during the period. Institutional investors own 91.82% of the company's stock.
Insider Buying and Selling at Primoris Services
In related news, Director John P. Schauerman sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director directly owned 102,281 shares in the company, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.40% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of research firms have recently weighed in on PRIM. Janney Montgomery Scott initiated coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective for the company. KeyCorp boosted their target price on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Piper Sandler boosted their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and a consensus price target of $92.67.
Read Our Latest Stock Report on PRIM
Primoris Services Stock Up 16.5%
Shares of Primoris Services stock traded up $15.40 during trading on Tuesday, reaching $108.49. The company's stock had a trading volume of 2,764,404 shares, compared to its average volume of 931,917. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $5.86 billion, a price-to-earnings ratio of 35.92 and a beta of 1.44. Primoris Services Co. has a 1-year low of $47.47 and a 1-year high of $112.98. The company has a 50-day simple moving average of $81.98 and a two-hundred day simple moving average of $72.45.
Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter last year, the business posted $1.04 EPS. The company's revenue was up 20.9% on a year-over-year basis. As a group, equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.
Primoris Services Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is currently 8.47%.
About Primoris Services
(
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.
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