Cambridge Investment Research Advisors Inc. Buys New Position 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 first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 4,021 shares of the construction company's stock, valued at approximately $231,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc raised its stake in Primoris Services by 294.1% in 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 acquired a new position in Primoris Services in the 1st quarter valued at $45,000. Farther Finance Advisors LLC raised its stake in Primoris Services by 3,552.4% in 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 raised its stake in Primoris Services by 4,550.0% in 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 acquired a new position in Primoris Services in the 4th quarter valued at $97,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PRIM shares. KeyCorp increased their price objective on Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a research note on Wednesday. Janney Montgomery Scott initiated coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price for the company. Piper Sandler raised their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $90.22.

Primoris Services Trading Up 2.3%

Shares of NASDAQ PRIM traded up $1.95 during mid-day trading on Thursday, reaching $87.45. 860,090 shares of the company's stock were exchanged, compared to its average volume of 785,476. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 28.96 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. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The company's 50-day moving average is $76.99 and its 200-day moving average is $71.36.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. The business 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 company's revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.47 EPS. Analysts expect 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 was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Monday, June 30th. Primoris Services's dividend payout ratio is presently 8.47%.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of the stock in a transaction on Tuesday, June 24th. The stock was 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 represents a 12.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.90% of the company's stock.

Primoris Services 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.