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

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

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Alliancebernstein L.P. lifted its position in shares of Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after buying an additional 1,274,839 shares during the last quarter. Congress Asset Management Co. bought a new position in shares of Primoris Services in the 4th quarter valued at approximately $48,851,000. Invesco Ltd. raised its stake in shares of Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after acquiring an additional 430,589 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings 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 last quarter. Finally, Norges Bank bought a new stake in Primoris Services during the fourth quarter worth approximately $22,636,000. Institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Shares of PRIM stock traded down $0.39 during mid-day trading on Wednesday, reaching $73.13. The stock had a trading volume of 581,878 shares, compared to its average volume of 772,446. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The firm has a market cap of $3.95 billion, a PE ratio of 24.22 and a beta of 1.33. The firm's 50 day simple moving average is $64.30 and its 200 day simple moving average is $71.73. 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 posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 earnings per share. On average, analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

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 $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.44%. Primoris Services's payout ratio is currently 8.47%.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's 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 sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. DA Davidson reissued a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Piper Sandler boosted their target price 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. KeyCorp upped their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. Finally, Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus price target 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.