Envestnet Asset Management Inc. Buys 5,000 Shares of Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Envestnet Asset Management Inc. increased its stake in Primoris Services Co. by 12.4%, owning approximately 45,230 shares valued at $2.6 million as of the latest SEC disclosure.
• Primoris reported $0.98 EPS for the recent quarter, exceeding the consensus estimate by 28 cents, along with a revenue of $1.65 billion, which is a 16.7% increase year-over-year.
• Institutional investors hold approximately 91.82% of Primoris Services' stock, highlighting a strong interest from hedge funds in the construction company.

Envestnet Asset Management Inc. boosted its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,230 shares of the construction company's stock after buying an additional 5,000 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.08% of Primoris Services worth $2,597,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Versant Capital Management Inc lifted its position in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares during the period. Sound Income Strategies LLC acquired a new stake in Primoris Services in the first quarter valued at about $45,000. Covestor Ltd lifted its position in 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 during the period. Farther Finance Advisors LLC lifted 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 valued at $118,000 after purchasing an additional 1,274 shares during the period. Finally, Blue Trust Inc. lifted 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 valued at $130,000 after purchasing an additional 1,279 shares during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Primoris Services stock traded down $2.64 during midday trading on Friday, reaching $91.53. 463,445 shares of the stock traded hands, compared to its average volume of 911,032. 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 firm has a fifty day moving average price of $80.43 and a two-hundred day moving average price of $72.24. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 30.32 and a beta of 1.37. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $96.16.

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

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.08 per share. The ex-dividend date was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. Primoris Services's payout ratio is currently 8.47%.

Insider Activity

In other Primoris Services 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 completion of the sale, the director directly 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 legal filing with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PRIM shares. KeyCorp raised their price objective on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price for the company. Piper Sandler lifted their price target 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, Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $91.56.

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.