Congress Asset Management Co. Acquires 126,430 Shares of Primoris Services Co. (NASDAQ:PRIM)

Congress Asset Management Co. increased its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 19.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 765,843 shares of the construction company's stock after buying an additional 126,430 shares during the period. Congress Asset Management Co. owned about 1.42% of Primoris Services worth $43,967,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PRIM. Alliancebernstein L.P. lifted its position in Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after purchasing an additional 1,274,839 shares during the last quarter. Invesco Ltd. lifted its position in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after purchasing an additional 430,589 shares during the last quarter. JPMorgan Chase & Co. lifted its position 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 purchasing an additional 381,284 shares during the last quarter. Norges Bank bought a new stake in Primoris Services in the 4th quarter valued at about $22,636,000. Finally, Raymond James Financial Inc. bought a new stake in Primoris Services in the 4th quarter valued at about $21,199,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded down $0.43 during midday trading on Monday, reaching $75.50. The company's stock had a trading volume of 95,190 shares, compared to its average volume of 770,751. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average price of $65.00 and a 200 day moving average price of $71.51. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 25.06 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the previous year, the firm earned $0.47 EPS. The business's revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is currently 8.47%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRIM. KeyCorp lifted their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Piper Sandler lifted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Guggenheim reiterated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Finally, DA Davidson restated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $85.75.

Insider Transactions at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.40% of the stock is currently owned by insiders.

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.