Horizons Wealth Management Buys New Position in Primoris Services Co. (NASDAQ:PRIM)

Horizons Wealth Management acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,018 shares of the construction company's stock, valued at approximately $231,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Viking Fund Management LLC bought a new stake in shares of Primoris Services in the first quarter valued at about $689,000. Rhumbline Advisers boosted its position in shares of Primoris Services by 2.5% in the first quarter. Rhumbline Advisers now owns 85,584 shares of the construction company's stock valued at $4,913,000 after acquiring an additional 2,122 shares during the period. Summit Global Investments boosted its position in shares of Primoris Services by 106.4% in the first quarter. Summit Global Investments now owns 17,011 shares of the construction company's stock valued at $977,000 after acquiring an additional 8,771 shares during the period. GAMMA Investing LLC boosted its position in shares of Primoris Services by 7,798.2% in the first quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock valued at $748,000 after acquiring an additional 12,867 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares during the period. 91.82% of the stock is owned by institutional investors.

Insider Transactions at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on PRIM. Jefferies Financial Group began coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. Guggenheim reaffirmed a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler boosted their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Price Performance

NASDAQ PRIM traded up $2.36 during trading on Friday, hitting $76.05. 651,982 shares of the company's stock were exchanged, compared to its average volume of 773,357. 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 company has a market cap of $4.11 billion, a PE ratio of 25.18 and a beta of 1.37. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. The stock's 50 day moving average price is $65.00 and its two-hundred day moving average price is $71.60.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results 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 firm 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%. The business's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 earnings per share. Research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is currently 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.