Cetera Investment Advisers Purchases 4,212 Shares of Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Cetera Investment Advisers increased its stake in Primoris Services Co. by 35.8%, acquiring an additional 4,212 shares and bringing its total holdings to approximately $918,000.
• Director John P. Schauerman sold 15,000 shares for around $1.16 million, representing a 12.79% decrease in his position.
• Recent analyst ratings have been positive, with several brokerages raising their price targets for Primoris Services, including a target of $125.00 from DA Davidson and multiple "buy" ratings.

Cetera Investment Advisers grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 35.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,985 shares of the construction company's stock after purchasing an additional 4,212 shares during the quarter. Cetera Investment Advisers' holdings in Primoris Services were worth $918,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its position 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 acquiring an additional 347 shares during the last quarter. Sound Income Strategies LLC bought a new stake in shares of Primoris Services during the 1st quarter valued at about $45,000. Covestor Ltd boosted its position 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 acquiring an additional 910 shares during the last quarter. Farther Finance Advisors LLC lifted its position 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 during the last quarter. Finally, Blue Trust Inc. lifted its position in Primoris Services by 130.9% in the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock worth $130,000 after buying an additional 1,279 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $0.63 during trading on Friday, reaching $111.75. The stock had a trading volume of 1,054,742 shares, compared to its average volume of 936,502. The business has a fifty 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 PE ratio of 37.00 and a beta of 1.44. 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 1-year low of $48.33 and a 1-year high of $115.99.

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

Primoris Services Announces Dividend

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

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total value of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRIM. Janney Montgomery Scott began coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. Piper Sandler boosted their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. UBS Group lifted their price target on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, July 17th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price 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.