Mackenzie Financial Corp Raises Stake in Primoris Services Co. (NASDAQ:PRIM)

Mackenzie Financial Corp boosted its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 9.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,793 shares of the construction company's stock after purchasing an additional 2,767 shares during the period. Mackenzie Financial Corp owned approximately 0.06% of Primoris Services worth $1,883,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Primoris Services by 4.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,372 shares of the construction company's stock valued at $1,055,000 after acquiring an additional 751 shares during the period. Pacer Advisors Inc. bought a new stake in shares of Primoris Services during the 1st quarter valued at $24,133,000. Neo Ivy Capital Management bought a new stake in shares of Primoris Services during the 1st quarter valued at $1,173,000. Cetera Investment Advisers grew its position in shares of Primoris Services by 35.8% during the 1st quarter. Cetera Investment Advisers now owns 15,985 shares of the construction company's stock valued at $918,000 after acquiring an additional 4,212 shares during the period. Finally, Royce & Associates LP grew its position in shares of Primoris Services by 11.7% during the 1st quarter. Royce & Associates LP now owns 224,540 shares of the construction company's stock valued at $12,891,000 after acquiring an additional 23,536 shares during the period. Institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $15.40 during midday trading on Tuesday, reaching $108.49. The company's stock had a trading volume of 2,764,404 shares, compared to its average volume of 931,917. The firm has a market capitalization of $5.86 billion, a PE ratio of 35.92 and a beta of 1.44. Primoris Services Co. has a twelve month low of $47.47 and a twelve month high of $112.98. The stock has a fifty day moving average of $81.27 and a 200 day moving average of $72.20. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter last year, the business earned $1.04 earnings per share. The company's revenue for the quarter was up 20.9% compared to the same quarter last year. On average, equities analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's dividend payout ratio (DPR) is currently 8.47%.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director directly owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

PRIM has been the subject of several recent analyst reports. UBS Group upped their target price on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Piper Sandler upped their price target 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. Finally, KeyCorp lifted their price target on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.67.

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.