Cwm LLC Grows Holdings in Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Cwm LLC increased its holdings in Primoris Services Co. by 139.5% in Q1, with a total of 5,528 shares valued at approximately $317,000.
• Primoris Services reported a net income of $0.98 per share for the last quarter, exceeding expectations by $0.28 and reflecting a 16.7% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.08, representing an annualized yield of 0.34% and a payout ratio of 8.47%.

Cwm LLC increased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 139.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,528 shares of the construction company's stock after purchasing an additional 3,220 shares during the quarter. Cwm LLC's holdings in Primoris Services were worth $317,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PRIM. Versant Capital Management Inc boosted its holdings in 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 purchasing an additional 347 shares during the last quarter. Sound Income Strategies LLC purchased a new position in Primoris Services during the first quarter worth about $45,000. Covestor Ltd boosted its holdings in Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after purchasing an additional 910 shares during the last quarter. Farther Finance Advisors LLC raised its position in Primoris Services by 166.1% in the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after acquiring an additional 1,274 shares during the period. Finally, Blue Trust Inc. raised its position in Primoris Services by 130.9% in the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock worth $130,000 after acquiring an additional 1,279 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John P. Schauerman sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the sale, the director owned 102,281 shares of the company's stock, valued at $7,913,480.97. The trade was a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by company insiders.

Primoris Services Stock Performance

NASDAQ PRIM opened at $92.92 on Friday. The company's 50 day moving average is $78.85 and its 200-day moving average is $71.83. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $93.84. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $5.02 billion, a P/E ratio of 30.77 and a beta of 1.37.

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. 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 for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the firm posted $0.47 earnings per share. The company's quarterly revenue was up 16.7% compared to the same quarter last year. Sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current 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 given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend was Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is currently 8.47%.

Analyst Ratings Changes

Several analysts have commented on the stock. Piper Sandler lifted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday. KeyCorp lifted their price objective on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus 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.

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