Primoris Services Co. (NASDAQ:PRIM) Shares Acquired by Horizon Investment Services LLC

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 the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,702 shares of the construction company's stock after buying 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.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Versant Capital Management Inc increased its holdings in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after purchasing an additional 347 shares in the last quarter. Sound Income Strategies LLC bought a new position in shares of Primoris Services during the first quarter valued at approximately $45,000. Farther Finance Advisors LLC lifted its holdings in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. 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 worth $71,000 after purchasing an additional 910 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Primoris Services by 130.9% during the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock worth $130,000 after purchasing an additional 1,279 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 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 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 link. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PRIM shares. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Guggenheim reaffirmed a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, July 17th. KeyCorp upped their target price on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target for the company. 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 report on Tuesday. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $91.56.

Primoris Services Stock Performance

PRIM stock traded down $1.22 on Tuesday, reaching $86.94. The company's stock had a trading volume of 912,125 shares, compared to its average volume of 786,430. The firm has a fifty day moving average of $77.40 and a two-hundred day moving average of $71.37. 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 company has a market capitalization of $4.69 billion, a P/E ratio of 28.79 and a beta of 1.37. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. The firm had revenue of $1.65 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.47 earnings per share. As a group, analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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