Advisor Resource Council Takes $749,000 Position in Primoris Services Co. (NASDAQ:PRIM)

Advisor Resource Council acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,648 shares of the construction company's stock, valued at approximately $749,000.

A number of other hedge funds have also bought and sold shares of PRIM. Blue Trust Inc. lifted its holdings in Primoris Services by 130.9% during the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after purchasing an additional 1,279 shares in the last quarter. Lumbard & Kellner LLC acquired a new position in Primoris Services in the first quarter valued at approximately $2,122,000. Prosperity Wealth Management Inc. acquired a new position in Primoris Services in the first quarter valued at approximately $316,000. Sound Income Strategies LLC acquired a new position in Primoris Services in the first quarter valued at approximately $45,000. Finally, Redhawk Wealth Advisors Inc. lifted its stake in shares of Primoris Services by 2.0% in the 1st quarter. Redhawk Wealth Advisors Inc. now owns 37,007 shares of the construction company's stock valued at $2,125,000 after purchasing an additional 713 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on PRIM. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. KeyCorp upped their price target on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Piper Sandler upped their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Jefferies Financial Group began coverage on Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. Finally, 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. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Stock Down 0.8%

Shares of NASDAQ:PRIM traded down $0.61 on Friday, hitting $74.03. 1,249,152 shares of the company's stock were exchanged, compared to its average volume of 780,771. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The company has a market capitalization of $4.00 billion, a PE ratio of 24.51 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. The firm's 50-day moving average is $68.64 and its 200 day moving average is $70.85.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its 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 firm had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.47 earnings per share. Sell-side analysts predict 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 Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio is presently 8.47%.

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.