Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Congress Asset Management Co.

Congress Asset Management Co. lifted its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 19.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 765,843 shares of the construction company's stock after purchasing an additional 126,430 shares during the quarter. Congress Asset Management Co. owned about 1.42% of Primoris Services worth $43,967,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Horizons Wealth Management purchased a new stake in Primoris Services in the 1st quarter valued at about $231,000. Viking Fund Management LLC purchased a new position in shares of Primoris Services in the first quarter worth $689,000. Rhumbline Advisers boosted its position in Primoris Services by 2.5% in the first quarter. Rhumbline Advisers now owns 85,584 shares of the construction company's stock valued at $4,913,000 after buying an additional 2,122 shares during the last quarter. Summit Global Investments increased its stake in shares of Primoris Services by 106.4% in the first quarter. Summit Global Investments now owns 17,011 shares of the construction company's stock worth $977,000 after acquiring an additional 8,771 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Primoris Services by 7,798.2% during the 1st quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock valued at $748,000 after buying an additional 12,867 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PRIM. Guggenheim reiterated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson reiterated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. Piper Sandler boosted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, KeyCorp upped their price target on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Stock Up 1.9%

Shares of PRIM stock traded up $1.37 during trading on Wednesday, reaching $73.29. The company's stock had a trading volume of 351,234 shares, compared to its average volume of 773,142. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The stock's 50-day moving average price is $65.62 and its 200 day moving average price is $71.45. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of 24.25 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (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 company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm earned $0.47 earnings per share. The firm's quarterly revenue was up 16.7% on a year-over-year basis. On average, research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is owned by company insiders.

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.