Cambridge Investment Research Advisors Inc. Buys New Shares in Primoris Services Co. (NASDAQ:PRIM)

Cambridge Investment Research Advisors Inc. bought 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 disclosure with the Securities and Exchange Commission. The firm bought 4,021 shares of the construction company's stock, valued at approximately $231,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc grew its holdings in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares during the last quarter. Sound Income Strategies LLC bought a new position in shares of Primoris Services during the 1st quarter valued at $45,000. Farther Finance Advisors LLC grew its holdings in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. Covestor Ltd grew its holdings in shares of Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after purchasing an additional 910 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Primoris Services during the 4th quarter valued at $97,000. Institutional investors own 91.82% of the company's stock.

Insider Activity

In other news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the completion of the transaction, the director directly owned 102,281 shares in the company, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Piper Sandler raised their price target 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. KeyCorp raised their price target on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Guggenheim reissued a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. Finally, 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 price target on the stock. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $87.56.

Primoris Services Trading Up 1.9%

Shares of PRIM opened at $86.65 on Monday. The firm's 50-day moving average price is $75.42 and its 200-day moving average price is $71.01. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of 28.69 and a beta of 1.37. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 1-year low of $45.92 and a 1-year 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 earnings per share 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 quarter in the previous year, the firm posted $0.47 EPS. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.37%. Primoris Services's payout ratio is 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.

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