Horizon Investment Services LLC Raises Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Horizon Investment Services LLC raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 16.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,702 shares of the construction company's stock after purchasing an additional 2,939 shares during the quarter. Horizon Investment Services LLC's holdings in Primoris Services were worth $1,189,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Versant Capital Management Inc lifted its position in Primoris Services by 294.1% during 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 last quarter. Farther Finance Advisors LLC raised its stake in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after acquiring an additional 746 shares during the period. Sound Income Strategies LLC purchased a new stake in shares of Primoris Services in the first quarter valued at $45,000. Covestor Ltd raised its stake in shares of 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 acquiring an additional 910 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of 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 acquiring an additional 1,279 shares during the period. Institutional investors own 91.82% of the company's stock.

Primoris Services Stock Up 0.8%

NASDAQ PRIM traded up $0.76 during trading on Thursday, reaching $90.42. 194,350 shares of the company's stock traded hands, compared to its average volume of 910,106. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $4.88 billion, a price-to-earnings ratio of 29.94 and a beta of 1.37. The company's 50 day simple moving average is $78.21 and its two-hundred day simple moving average is $71.66. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86.

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

Primoris Services Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Monday, June 30th. Primoris Services's payout ratio is currently 8.47%.

Insider Activity

In other news, Director John P. Schauerman sold 15,000 shares of Primoris Services 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 transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PRIM shares. Janney Montgomery Scott started 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 on the stock. KeyCorp increased their target price on shares of Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Guggenheim reissued a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, July 17th. Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Primoris Services has a consensus 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.