Janus Henderson Group PLC Has $8.20 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

Janus Henderson Group PLC increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 16.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 107,288 shares of the construction company's stock after buying an additional 15,356 shares during the quarter. Janus Henderson Group PLC owned 0.20% of Primoris Services worth $8,196,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Barclays PLC lifted its holdings in shares of Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company's stock worth $6,628,000 after acquiring an additional 81,111 shares during the last quarter. USA Financial Formulas bought a new position in Primoris Services in the 4th quarter valued at approximately $27,000. AMI Asset Management Corp raised its holdings in Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after buying an additional 6,350 shares during the last quarter. Dakota Wealth Management acquired a new stake in Primoris Services during the 4th quarter worth approximately $539,000. Finally, Janney Montgomery Scott LLC bought a new stake in Primoris Services during the 4th quarter worth approximately $436,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PRIM shares. KeyCorp raised their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Piper Sandler increased their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. DA Davidson reaffirmed a "buy" rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. increased 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. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Trading Up 2.0%

PRIM traded up $1.41 during trading on Friday, reaching $71.13. 792,995 shares of the stock traded hands, compared to its average volume of 772,262. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock's 50-day moving average is $62.71 and its 200 day moving average is $72.13. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The stock has a market capitalization of $3.84 billion, a PE ratio of 23.55 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released 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 business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm's revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. Equities analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The business 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 dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Insider Activity

In other news, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares of the company's stock, valued at $501,636. This represents a 11.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 in the last quarter. 1.40% of the stock is owned by corporate 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.