Convergence Investment Partners LLC Has $791,000 Position in Primoris Services Co. (NASDAQ:PRIM)

Convergence Investment Partners LLC cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 43.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,785 shares of the construction company's stock after selling 10,678 shares during the quarter. Convergence Investment Partners LLC's holdings in Primoris Services were worth $791,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Versant Capital Management Inc lifted its holdings in shares of Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after buying an additional 347 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of Primoris Services in the first quarter valued at $45,000. Covestor Ltd raised its stake in shares of Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after purchasing an additional 910 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Primoris Services by 166.1% in the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock valued at $118,000 after purchasing an additional 1,274 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Primoris Services by 130.9% in the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after purchasing an additional 1,279 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Trading Up 3.3%

Primoris Services stock traded up $2.99 during mid-day trading on Friday, hitting $92.92. The stock had a trading volume of 772,997 shares, compared to its average volume of 914,902. The stock has a 50-day simple moving average of $78.85 and a two-hundred day simple moving average of $71.83. The stock has a market capitalization of $5.02 billion, a PE ratio of 30.77 and a beta of 1.37. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $93.84. 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 (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion for 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 firm's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.47 earnings per share. As a group, sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.34%. The ex-dividend date was Monday, June 30th. Primoris Services's dividend payout ratio is 8.47%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the firm's stock in a transaction dated 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 transaction, the director 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PRIM shares. Piper Sandler upped 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. increased their price objective on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, July 17th. Janney Montgomery Scott assumed coverage on Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. Finally, KeyCorp increased their price objective on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Primoris Services presently has an average rating of "Moderate Buy" and a consensus target price of $91.56.

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.