Massachusetts Financial Services Co. MA Takes Position in Primoris Services Co. (NASDAQ:PRIM)

Massachusetts Financial Services Co. MA bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 11,898 shares of the construction company's stock, valued at approximately $683,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC boosted its holdings in shares of Primoris Services by 139.5% during the 1st quarter. CWM LLC now owns 5,528 shares of the construction company's stock worth $317,000 after buying an additional 3,220 shares during the period. Xponance Inc. raised its holdings in shares of Primoris Services by 39.9% in the first quarter. Xponance Inc. now owns 6,785 shares of the construction company's stock valued at $390,000 after purchasing an additional 1,936 shares during the last quarter. Cornerstone Investment Partners LLC grew its stake in shares of Primoris Services by 31.5% in the first quarter. Cornerstone Investment Partners LLC now owns 10,179 shares of the construction company's stock valued at $584,000 after buying an additional 2,441 shares in the last quarter. TD Private Client Wealth LLC boosted its position in shares of Primoris Services by 134.5% in the first quarter. TD Private Client Wealth LLC now owns 2,959 shares of the construction company's stock valued at $170,000 after acquiring an additional 1,697 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in shares of Primoris Services by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 45,230 shares of the construction company's stock valued at $2,597,000 after acquiring an additional 5,000 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Insider Activity

In related 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 completion of the sale, the director owned 102,281 shares in the company, valued at $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Piper Sandler upped their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. KeyCorp lifted their price target on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Janney Montgomery Scott assumed coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. increased their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $91.56.

Primoris Services Price Performance

Shares of PRIM stock traded up $0.45 during trading hours on Thursday, reaching $90.11. The company had a trading volume of 143,873 shares, compared to its average volume of 909,684. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 29.86 and a beta of 1.37. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a fifty day moving average of $78.21 and a 200-day moving average of $71.66.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $1.65 billion for 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 for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm earned $0.47 earnings per share. On average, equities analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Monday, June 30th. Primoris Services's dividend payout ratio is currently 8.47%.

Primoris Services 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.