Lumbard & Kellner LLC Acquires New Shares in Primoris Services Co. (NASDAQ:PRIM)

Lumbard & Kellner LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 36,967 shares of the construction company's stock, valued at approximately $2,122,000. Lumbard & Kellner LLC owned about 0.07% of Primoris Services at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System lifted its holdings in Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock worth $1,190,000 after purchasing an additional 131 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock worth $505,000 after purchasing an additional 268 shares during the last quarter. HighTower Advisors LLC lifted its holdings in Primoris Services by 5.3% during the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after purchasing an additional 268 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in Primoris Services by 5.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock worth $427,000 after acquiring an additional 313 shares during the period. Finally, Principal Securities Inc. increased its stake in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of PRIM traded down $0.61 during midday trading on Friday, hitting $74.03. The company's stock had a trading volume of 1,249,152 shares, compared to its average volume of 780,771. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The company's fifty day simple moving average is $68.64 and its two-hundred day simple moving average is $70.94. 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 has a market capitalization of $4.00 billion, a price-to-earnings ratio of 24.51 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued 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 return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the company posted $0.47 EPS. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, equities analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 0.43%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson restated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. raised their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. KeyCorp raised their price objective on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

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.