Mackenzie Financial Corp Buys 17,421 Shares of Primoris Services Co. (NASDAQ:PRIM)

Mackenzie Financial Corp raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 138.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,026 shares of the construction company's stock after acquiring an additional 17,421 shares during the period. Mackenzie Financial Corp owned approximately 0.06% of Primoris Services worth $2,294,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after buying an additional 381,284 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after acquiring an additional 4,623 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of Primoris Services by 74.3% during the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock worth $3,514,000 after purchasing an additional 19,530 shares during the period. Alberta Investment Management Corp lifted its holdings in Primoris Services by 21.5% in the fourth quarter. Alberta Investment Management Corp now owns 70,365 shares of the construction company's stock valued at $5,376,000 after acquiring an additional 12,475 shares during the period. Finally, Congress Asset Management Co. purchased a new position in shares of Primoris Services in the fourth quarter valued at $48,851,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated 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 directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.40% of the stock is owned by corporate insiders.

Primoris Services Trading Up 0.2%

Shares of NASDAQ PRIM traded up $0.16 during midday trading on Wednesday, hitting $73.68. The stock had a trading volume of 153,050 shares, compared to its average volume of 770,497. The company's 50-day simple moving average is $63.98 and its 200 day simple moving average is $71.72. The firm has a market cap of $3.98 billion, a P/E ratio of 24.49 and a beta of 1.33. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. 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 posted its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. The firm 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 company's revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.47 earnings per share. Research analysts anticipate 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 will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Jefferies Financial Group began coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. JPMorgan Chase & Co. upped their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. DA Davidson reaffirmed a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp increased their price objective on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.