GSA Capital Partners LLP Makes New $880,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

GSA Capital Partners LLP bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 15,322 shares of the construction company's stock, valued at approximately $880,000.

Several other institutional investors have also recently made changes to their positions in PRIM. Versant Capital Management Inc grew its stake in Primoris Services by 294.1% in 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 period. Sound Income Strategies LLC bought a new stake in shares of Primoris Services during the 1st quarter valued at $45,000. Covestor Ltd grew its position in shares of Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after buying an additional 910 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Primoris Services by 166.1% in the 1st 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 in the last quarter. Finally, Blue Trust Inc. increased its stake in shares of Primoris Services by 130.9% in the 1st 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 in the last quarter. Institutional investors own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Piper Sandler upped their price objective 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. Guggenheim restated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, July 17th. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Janney Montgomery Scott began coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. Finally, KeyCorp lifted their price target on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and an average price target of $91.56.

Primoris Services Stock Down 3.3%

Primoris Services stock opened at $91.10 on Friday. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $96.16. The stock has a fifty day simple moving average of $80.83 and a two-hundred day simple moving average of $72.31. 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 market cap of $4.92 billion, a price-to-earnings ratio of 30.17 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the company earned $0.47 EPS. Equities analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given 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 yield of 0.4%. Primoris Services's dividend payout ratio is 8.47%.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 15,000 shares of the firm'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 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 document filed with the SEC, which can be accessed through the SEC website. 1.40% of the stock is currently owned by company 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.

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