Three Seasons Wealth LLC Purchases Shares of 6,159 Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Three Seasons Wealth LLC has purchased 6,159 shares of Primoris Services Co., valued at approximately $354,000, during the first quarter.
• Institutional investors own 91.82% of Primoris Services' stock, with significant purchases made by firms such as Norges Bank and Wellington Management Group LLP.
• Primoris Services reported $1.68 EPS for the quarter, exceeding estimates, and had a revenue of $1.89 billion, a 20.9% increase year-over-year.

Three Seasons Wealth LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,159 shares of the construction company's stock, valued at approximately $354,000.

Several other hedge funds also recently made changes to their positions in PRIM. Westfield Capital Management Co. LP grew its holdings in shares of Primoris Services by 2.8% during the first quarter. Westfield Capital Management Co. LP now owns 362,729 shares of the construction company's stock worth $20,824,000 after buying an additional 9,714 shares during the last quarter. US Bancorp DE grew its holdings in shares of Primoris Services by 156.5% during the first quarter. US Bancorp DE now owns 4,820 shares of the construction company's stock worth $277,000 after buying an additional 2,941 shares during the last quarter. Vestcor Inc purchased a new position in shares of Primoris Services during the first quarter worth about $219,000. XTX Topco Ltd grew its holdings in shares of Primoris Services by 103.3% during the first quarter. XTX Topco Ltd now owns 14,988 shares of the construction company's stock worth $860,000 after buying an additional 7,616 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of Primoris Services during the first quarter worth about $880,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $0.05 during trading on Friday, hitting $111.17. 763,366 shares of the stock were exchanged, compared to its average volume of 937,302. The company has a fifty day moving average price of $84.32 and a two-hundred day moving average price of $73.05. The company has a market cap of $6.00 billion, a PE ratio of 36.81 and a beta of 1.44. 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 $48.33 and a 12-month high of $113.47.

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

Primoris Services Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is currently 7.26%.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total transaction 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. The trade was a 12.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by corporate insiders.

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.