Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Bolthouse Investments LLC

Bolthouse Investments LLC decreased its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 37.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 85,000 shares of the construction company's stock after selling 50,000 shares during the quarter. Primoris Services accounts for about 5.1% of Bolthouse Investments LLC's investment portfolio, making the stock its 5th largest position. Bolthouse Investments LLC owned approximately 0.16% of Primoris Services worth $4,880,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Arizona State Retirement System lifted its stake in Primoris Services by 0.8% during the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock valued at $1,190,000 after buying an additional 131 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in shares of Primoris Services by 1.4% during the first quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock valued at $750,000 after acquiring an additional 175 shares during the period. PNC Financial Services Group Inc. boosted its stake in Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock worth $505,000 after purchasing an additional 268 shares during the period. HighTower Advisors LLC raised its stake in Primoris Services by 5.3% during the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock valued at $406,000 after purchasing an additional 268 shares during the period. Finally, Summit Investment Advisors Inc. raised its stake in Primoris Services by 5.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after purchasing an additional 313 shares during the period. Institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Primoris Services stock traded up $2.74 during mid-day trading on Friday, reaching $84.74. The company had a trading volume of 642,659 shares, compared to its average volume of 781,182. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 28.06 and a beta of 1.37. The company has a 50 day moving average of $73.18 and a 200-day moving average of $70.92. 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 issued its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business 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 company posted $0.47 earnings per share. Primoris Services's revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal 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 paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio is 8.47%.

Analyst Upgrades and Downgrades

PRIM has been the subject of several recent analyst reports. Piper Sandler raised their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Jefferies Financial Group started 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. Janney Montgomery Scott initiated coverage on Primoris Services in a research note on Thursday. They set a "buy" rating and a $102.00 target price on the stock. Guggenheim reissued a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Finally, KeyCorp raised their price target on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $87.56.

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.