Neo Ivy Capital Management Acquires New Stake in Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Neo Ivy Capital Management has acquired 20,426 shares of Primoris Services Co., valued at approximately $1,173,000, indicating growing institutional interest in the company.
• Primoris reported a significant quarterly earnings beat with an EPS of $0.98, surpassing analysts' estimates of $0.70, and demonstrated a 16.7% increase in revenue year-over-year.
• Several analysts have raised their target prices on Primoris shares, with key upgrades placing the target price as high as $110.00 and overall sentiment trending towards a "Moderate Buy."

Neo Ivy Capital Management bought a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,426 shares of the construction company's stock, valued at approximately $1,173,000.

Other institutional investors also recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its position in Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after purchasing an additional 268 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Primoris Services during the fourth quarter worth approximately $314,000. Sei Investments Co. increased its stake in shares of Primoris Services by 71.2% in the fourth quarter. Sei Investments Co. now owns 51,573 shares of the construction company's stock worth $3,940,000 after buying an additional 21,443 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Primoris Services in the fourth quarter valued at $834,000. Finally, Vanguard Group Inc. boosted its holdings in Primoris Services by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after acquiring an additional 82,261 shares in the last quarter. Institutional investors own 91.82% of the company's stock.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the transaction, the director owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. The trade was a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PRIM shares. KeyCorp lifted their price target on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Piper Sandler upped their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. Janney Montgomery Scott initiated coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $91.56.

Primoris Services Stock Performance

Shares of Primoris Services stock traded up $2.99 on Friday, reaching $92.92. 772,997 shares of the stock were exchanged, compared to its average volume of 914,902. The business has a 50 day moving average price of $78.85 and a two-hundred day moving average price of $71.78. 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 firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 30.77 and a beta of 1.37. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $93.84.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. The business 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 business's revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 earnings per share. 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 declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend was Monday, June 30th. Primoris Services's payout ratio is 8.47%.

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.