Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Freedom Day Solutions LLC

Freedom Day Solutions LLC decreased its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,034 shares of the construction company's stock after selling 5,456 shares during the period. Freedom Day Solutions LLC owned 0.07% of Primoris Services worth $2,298,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PRIM. Steward Partners Investment Advisory LLC purchased a new position in shares of Primoris Services during the 4th quarter worth approximately $97,000. Charles Schwab Investment Management Inc. lifted its holdings in Primoris Services by 14.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company's stock worth $52,942,000 after buying an additional 85,943 shares in the last quarter. Arizona State Retirement System lifted its holdings in Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock worth $1,190,000 after buying an additional 131 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Primoris Services during the 4th quarter worth approximately $21,199,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock worth $505,000 after buying an additional 268 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Primoris Services stock traded up $1.63 during midday trading on Friday, hitting $86.65. 901,037 shares of the company's stock were exchanged, compared to its average volume of 786,444. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $4.68 billion, a price-to-earnings ratio of 28.69 and a beta of 1.37. The firm's 50 day simple moving average is $75.42 and its 200 day simple moving average is $71.15.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $1.49 billion. During the same period last year, the firm posted $0.47 EPS. Primoris Services's revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Analyst Ratings Changes

PRIM has been the topic of a number of research reports. Guggenheim reiterated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, KeyCorp raised their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. One equities research 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, the company presently has an average rating of "Moderate Buy" and an average price target of $87.56.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 15,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the sale, the director owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. The trade was a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is currently owned by insiders.

Primoris Services 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.