Moran Wealth Management LLC purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 9,659 shares of the construction company's stock, valued at approximately $555,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Versant Capital Management Inc lifted its position in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. Sound Income Strategies LLC bought a new stake in shares of Primoris Services in the 1st quarter worth approximately $45,000. Principal Securities Inc. grew its stake in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after buying an additional 343 shares during the last quarter. Finally, Covestor Ltd increased its position in Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after buying an additional 910 shares in the last quarter. Institutional investors own 91.82% of the company's stock.
Analyst Ratings Changes
A number of brokerages have weighed in on PRIM. Guggenheim reiterated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. KeyCorp increased their target price 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 boosted their price target 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 given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.
Read Our Latest Stock Analysis on Primoris Services
Primoris Services Stock Performance
NASDAQ:PRIM traded down $2.13 during mid-day trading on Monday, hitting $77.92. 1,163,272 shares of the company traded hands, compared to its average volume of 776,764. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock's fifty day moving average price is $71.22 and its 200-day moving average price is $70.79. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 25.80 and a beta of 1.37. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86.
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 (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the firm posted $0.47 EPS. The firm's quarterly revenue was up 16.7% compared to the same quarter last year. Research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.
Primoris Services Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. Primoris Services's payout ratio is 8.47%.
Primoris Services Company Profile
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Free Report)
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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