Lumbard & Kellner LLC Takes $2.12 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Lumbard & Kellner LLC purchased a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 36,967 shares of the construction company's stock, valued at approximately $2,122,000. Lumbard & Kellner LLC owned 0.07% of Primoris Services as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in Primoris Services by 97.4% in 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 period. QRG Capital Management Inc. boosted its stake in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after buying an additional 4,623 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock worth $3,514,000 after buying an additional 19,530 shares during the last quarter. Alberta Investment Management Corp grew its holdings in shares of Primoris Services by 21.5% in the fourth quarter. Alberta Investment Management Corp now owns 70,365 shares of the construction company's stock worth $5,376,000 after acquiring an additional 12,475 shares during the period. Finally, Principal Financial Group Inc. increased its position in Primoris Services by 10.5% during the fourth quarter. Principal Financial Group Inc. now owns 55,937 shares of the construction company's stock valued at $4,274,000 after acquiring an additional 5,317 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 opened at $74.64 on Thursday. The company has a market capitalization of $4.03 billion, a P/E ratio of 24.72 and a beta of 1.37. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The firm's 50 day simple moving average is $67.94 and its two-hundred day simple moving average is $71.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating 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 company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter in the previous year, the company earned $0.47 EPS. Primoris Services's revenue for the quarter was up 16.7% on a year-over-year basis. Research analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PRIM shares. DA Davidson reissued a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. 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 report on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. KeyCorp increased their price target 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. Finally, 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 price objective for the company. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.

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