Federated Hermes Inc. Boosts Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Federated Hermes Inc. increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 39.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 328,834 shares of the construction company's stock after acquiring an additional 93,668 shares during the period. Federated Hermes Inc. owned about 0.61% of Primoris Services worth $18,878,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Picton Mahoney Asset Management raised its position in shares of Primoris Services by 396.4% in the 1st quarter. Picton Mahoney Asset Management now owns 20,379 shares of the construction company's stock worth $1,170,000 after acquiring an additional 16,274 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Primoris Services by 9.2% in the first quarter. Mackenzie Financial Corp now owns 32,793 shares of the construction company's stock valued at $1,883,000 after acquiring an additional 2,767 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Primoris Services by 4.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,372 shares of the construction company's stock valued at $1,055,000 after acquiring an additional 751 shares during the period. Pacer Advisors Inc. purchased a new position in Primoris Services during the first quarter worth approximately $24,133,000. Finally, Neo Ivy Capital Management purchased a new position in Primoris Services during the first quarter worth approximately $1,173,000. 91.82% of the stock is owned by institutional investors.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value 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 represents a 12.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Janney Montgomery Scott assumed coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price for the company. KeyCorp increased their price target on Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Guggenheim reaffirmed a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. JPMorgan Chase & Co. increased their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Finally, Piper Sandler increased their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $91.56.

Primoris Services Trading Down 3.3%

Shares of PRIM traded down $3.07 during midday trading on Friday, hitting $91.10. 1,186,933 shares of the stock were exchanged, compared to its average volume of 916,482. The firm has a market cap of $4.92 billion, a P/E ratio of 30.17 and a beta of 1.37. The stock has a fifty day simple moving average of $80.83 and a 200 day simple moving average of $72.31. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $96.16. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released 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 return on equity of 15.23% and a net margin of 2.68%. Primoris Services's revenue was up 16.7% compared to the same quarter last year. During the same period last year, the business posted $0.47 earnings per share. On average, research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.08 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Primoris Services's dividend payout ratio is presently 8.47%.

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.