Horizons Wealth Management Invests $231,000 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 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,018 shares of the construction company's stock, valued at approximately $231,000.

A number of other hedge funds have also bought and sold shares of the company. Alliancebernstein L.P. increased its stake in shares of Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after acquiring an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. acquired a new position in Primoris Services during the 4th quarter worth approximately $48,851,000. Invesco Ltd. boosted its holdings in Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after acquiring an additional 430,589 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after acquiring an additional 381,284 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Primoris Services during the fourth quarter valued at approximately $22,636,000. Institutional investors own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is owned by corporate insiders.

Primoris Services Stock Performance

Shares of PRIM stock traded up $0.73 on Thursday, hitting $73.71. 573,301 shares of the stock were exchanged, compared to its average volume of 771,651. The firm's 50 day moving average is $64.30 and its two-hundred day moving average is $71.73. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The firm has a market capitalization of $3.98 billion, a PE ratio of 24.41 and a beta of 1.33. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. Primoris Services's dividend payout ratio (DPR) is currently 8.47%.

Analyst Ratings Changes

Several equities research analysts have recently commented on PRIM shares. KeyCorp boosted their target price on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Piper Sandler increased their price objective 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. Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. Finally, DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

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.