31,500 Shares in Primoris Services Co. (NASDAQ:PRIM) Acquired by Hussman Strategic Advisors Inc.

Hussman Strategic Advisors Inc. acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 31,500 shares of the construction company's stock, valued at approximately $1,808,000. Hussman Strategic Advisors Inc. owned about 0.06% of Primoris Services at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PRIM. Vanguard Group Inc. grew its position in shares of Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after buying an additional 82,261 shares during the last quarter. Invesco Ltd. grew its position in shares of Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after buying an additional 430,589 shares during the last quarter. Alliancebernstein L.P. grew its position in Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after purchasing an additional 1,274,839 shares during the last quarter. First Trust Advisors LP grew its position in Primoris Services by 15.8% during the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after purchasing an additional 155,347 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded up $1.14 on Friday, hitting $88.49. The company's stock had a trading volume of 1,254,633 shares, compared to its average volume of 787,533. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 29.30 and a beta of 1.37. 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 stock has a 50 day moving average of $77.40 and a 200-day moving average of $71.44.

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

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.36%. The ex-dividend date was Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several research reports. Piper Sandler raised their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. KeyCorp raised their price objective on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective on the stock. Finally, Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Primoris Services has an average rating of "Moderate Buy" and a consensus target price of $90.22.

Insider Activity

In related news, Director John P. Schauerman sold 15,000 shares of the company'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 transaction of $1,160,550.00. Following the transaction, the director owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is owned by company insiders.

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.