Pacer Advisors Inc. Purchases New Shares in Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Pacer Advisors Inc. acquired 420,369 shares of Primoris Services Co. in Q1, valued at approximately $24.13 million, increasing their stake to about 0.78% of the company.
• Primoris Services reported $1.65 billion in revenue for the quarter, surpassing expectations and representing a 16.7% year-over-year increase in quarterly revenue.
• The company announced a quarterly dividend of $0.08 per share, which reflects an annualized payout of $0.32 and a dividend yield of 0.34%.

Pacer Advisors Inc. bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The firm bought 420,369 shares of the construction company's stock, valued at approximately $24,133,000. Pacer Advisors Inc. owned 0.78% of Primoris Services at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Neo Ivy Capital Management purchased a new stake in Primoris Services in the first quarter worth about $1,173,000. Cetera Investment Advisers grew its holdings in Primoris Services by 35.8% in the first quarter. Cetera Investment Advisers now owns 15,985 shares of the construction company's stock worth $918,000 after purchasing an additional 4,212 shares during the period. Royce & Associates LP grew its holdings in Primoris Services by 11.7% in the first quarter. Royce & Associates LP now owns 224,540 shares of the construction company's stock worth $12,891,000 after purchasing an additional 23,536 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Primoris Services in the first quarter worth about $2,875,000. Finally, Y Intercept Hong Kong Ltd grew its holdings in Primoris Services by 171.3% in the first quarter. Y Intercept Hong Kong Ltd now owns 26,145 shares of the construction company's stock worth $1,501,000 after purchasing an additional 16,509 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the completion of the transaction, the director directly owned 102,281 shares in the company, valued at $7,913,480.97. This represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by insiders.

Primoris Services Stock Performance

Shares of PRIM stock traded up $2.99 during trading hours on Friday, reaching $92.92. The company had a trading volume of 772,997 shares, compared to its average volume of 914,902. The business has a fifty day moving average price of $78.85 and a 200-day moving average price of $71.78. Primoris Services Co. has a one year low of $45.92 and a one year high of $93.84. The firm has a market cap of $5.02 billion, a PE ratio of 30.77 and a beta of 1.37. 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 (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm earned $0.47 earnings per share. 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 declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.34%. Primoris Services's payout ratio is currently 8.47%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, July 17th. Janney Montgomery Scott started coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective on the stock. Piper Sandler lifted their target price 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 lifted their target price on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $91.56.

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.