5,766 Shares in Primoris Services Co. (NASDAQ:PRIM) Purchased by Armis Advisers LLC

Armis Advisers LLC purchased a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 5,766 shares of the construction company's stock, valued at approximately $441,000.

Several other institutional investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in 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 buying an additional 381,284 shares in the last quarter. QRG Capital Management Inc. increased its holdings in Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after purchasing an additional 4,623 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Primoris Services by 74.3% in the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after purchasing an additional 19,530 shares during the last quarter. Alberta Investment Management Corp increased its holdings in shares of Primoris Services by 21.5% in the fourth quarter. Alberta Investment Management Corp now owns 70,365 shares of the construction company's stock worth $5,376,000 after acquiring an additional 12,475 shares in the last quarter. Finally, Congress Asset Management Co. bought a new stake in shares of Primoris Services in the fourth quarter worth about $48,851,000. 91.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of analyst reports. Piper Sandler raised their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. Guggenheim restated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Finally, DA Davidson reissued a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and a consensus target price of $85.75.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $0.42 on Friday, hitting $72.30. The company's stock had a trading volume of 696,997 shares, compared to its average volume of 774,238. The company has a 50-day simple moving average of $63.44 and a 200 day simple moving average of $71.80. 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 $3.90 billion, a PE ratio of 23.94 and a beta of 1.33. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted 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. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the company earned $0.47 EPS. Sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio is currently 8.47%.

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 over the last quarter. 0.90% of the stock is currently owned by insiders.

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.