Caitong International Asset Management Co. Ltd Makes New $165,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Caitong International Asset Management Co. Ltd has acquired a stake in Primoris Services Co. by purchasing 2,882 shares, valued at approximately $165,000.
• Institutional investors own 91.82% of Primoris Services, indicating strong confidence in the company among large stakeholders.
• Primoris Services recently announced a quarterly dividend of $0.08 per share, with a record date of September 30th, showcasing its commitment to returning value to shareholders.

Caitong International Asset Management Co. Ltd bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,882 shares of the construction company's stock, valued at approximately $165,000.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares during the period. Sound Income Strategies LLC bought a new stake in shares of Primoris Services during the 1st quarter valued at $45,000. Headlands Technologies LLC purchased a new position in shares of Primoris Services during the 1st quarter valued at $68,000. Farther Finance Advisors LLC increased its stake in Primoris Services by 166.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after buying an additional 1,274 shares in the last quarter. Finally, Blue Trust Inc. raised 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 acquiring an additional 1,279 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Price Performance

Shares of Primoris Services stock traded up $0.63 during trading hours on Friday, reaching $111.75. The company's stock had a trading volume of 1,054,742 shares, compared to its average volume of 936,502. 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 Co. has a one year low of $48.33 and a one year high of $115.99. The firm has a 50 day moving average price of $88.19 and a 200-day moving average price of $74.14. The stock has a market cap of $6.04 billion, a P/E ratio of 37.00 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.04 earnings per share. On average, analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. Primoris Services's payout ratio is 7.26%.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Janney Montgomery Scott initiated 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. Piper Sandler raised their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. DA Davidson boosted their price target on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.44.

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.