Advisor Resource Council Makes New $749,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

Advisor Resource Council purchased a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 13,648 shares of the construction company's stock, valued at approximately $749,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Alliancebernstein L.P. boosted its holdings in shares of Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after purchasing an additional 1,274,839 shares during the period. Invesco Ltd. increased its holdings in Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after purchasing an additional 430,589 shares during the period. JPMorgan Chase & Co. raised its position in Primoris Services by 97.4% during 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 last quarter. Norges Bank bought a new position in Primoris Services during the 4th quarter valued at approximately $22,636,000. Finally, Raymond James Financial Inc. purchased a new stake in Primoris Services in the 4th quarter worth approximately $21,199,000. Institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PRIM shares. DA Davidson reissued a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. KeyCorp boosted their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Piper Sandler upped their price objective 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. Finally, Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Stock Down 3.2%

PRIM stock traded down $2.53 during midday trading on Wednesday, hitting $76.62. The stock had a trading volume of 1,057,120 shares, compared to its average volume of 782,207. The business has a 50-day moving average of $69.43 and a two-hundred day moving average of $70.87. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 25.37 and a beta of 1.37. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations 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 quarter in the previous year, the business posted $0.47 EPS. As a group, equities research analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Primoris Services 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.