Tema Etfs LLC Makes New $7.13 Million Investment in Primoris Services Co. (NASDAQ:PRIM)

Tema Etfs LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 93,374 shares of the construction company's stock, valued at approximately $7,134,000. Primoris Services accounts for 3.0% of Tema Etfs LLC's holdings, making the stock its 3rd biggest holding. Tema Etfs LLC owned 0.17% of Primoris Services as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Primoris Services by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after acquiring an additional 82,261 shares in the last quarter. Invesco Ltd. lifted its stake in Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after acquiring an additional 430,589 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after acquiring an additional 1,274,839 shares during the period. First Trust Advisors LP increased its stake in shares of Primoris Services by 15.8% during the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after purchasing an additional 155,347 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after purchasing an additional 381,284 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Trading Up 1.5%

NASDAQ:PRIM traded up $1.08 during mid-day trading on Friday, hitting $70.80. 206,212 shares of the company's stock were exchanged, compared to its average volume of 768,749. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $3.82 billion, a P/E ratio of 23.37 and a beta of 1.33. The company has a 50 day simple moving average of $62.55 and a 200-day simple moving average of $72.15.

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 (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the business earned $0.47 EPS. The company's revenue was up 16.7% compared to the same quarter last year. As a group, research analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders 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 dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Insider Transactions at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares of the company's stock, valued at $501,636. This represents a 11.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. This trade represents 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 quarter. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on PRIM shares. Piper Sandler lifted their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target on the stock. KeyCorp increased their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. upped 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. Finally, Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company 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.