Allianz Asset Management GmbH Buys 75,314 Shares of Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Allianz Asset Management GmbH increased its stake in Primoris Services Co. by 139.4%, holding approximately $7.43 million worth of shares after purchasing an additional 75,314 shares in the first quarter.
• Several analysts have raised their price targets for Primoris Services, with JPMorgan Chase & Co. increasing their target to $102.00, maintaining an "overweight" rating on the stock.
• The company reported a 16.7% year-over-year revenue increase with earnings per share of $0.98, surpassing consensus estimates by $0.28.

Allianz Asset Management GmbH raised its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 139.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 129,353 shares of the construction company's stock after buying an additional 75,314 shares during the period. Allianz Asset Management GmbH owned about 0.24% of Primoris Services worth $7,426,000 as of its most recent SEC filing.

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

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $7,913,480.97. The trade was a 12.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective 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. KeyCorp boosted their price objective 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. Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, July 17th. Finally, Piper Sandler lifted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $91.56.

Primoris Services Price Performance

NASDAQ:PRIM traded up $2.04 on Wednesday, reaching $94.73. The stock had a trading volume of 528,596 shares, compared to its average volume of 908,343. The company has a market capitalization of $5.12 billion, a P/E ratio of 31.37 and a beta of 1.37. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $95.13. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average price of $79.19 and a 200-day moving average price of $71.84.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly 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 analyst estimates of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 earnings per share. Research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current 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 yield of 0.34%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

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.