State of Wyoming Increases Stake in Primoris Services Co. (NASDAQ:PRIM)

State of Wyoming boosted its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 91.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,971 shares of the construction company's stock after buying an additional 7,131 shares during the period. State of Wyoming's holdings in Primoris Services were worth $1,144,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. USA Financial Formulas acquired a new stake in shares of Primoris Services in the fourth quarter valued at $27,000. Farther Finance Advisors LLC increased its holdings in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after purchasing an additional 746 shares during the period. Principal Securities Inc. boosted 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 valued at $68,000 after buying an additional 343 shares during the period. Covestor Ltd boosted its stake in shares of Primoris Services by 4,550.0% in 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 during the period. Finally, Steward Partners Investment Advisory LLC purchased a new position in Primoris Services in the fourth quarter worth approximately $97,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This represents a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares of the company's stock, valued at $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 in the last ninety days. Corporate insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

Primoris Services stock traded up $1.04 during mid-day trading on Friday, reaching $70.76. 219,632 shares of the company were exchanged, compared to its average volume of 962,305. Primoris Services Co. has a twelve month low of $45.92 and a twelve 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 firm's 50-day simple moving average is $62.55 and its two-hundred day simple moving average is $72.15. The firm has a market cap of $3.82 billion, a PE ratio of 23.42 and a beta of 1.33.

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 (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 firm had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the prior year, the company posted $0.47 earnings per share. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio is currently 8.47%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. JPMorgan Chase & Co. increased their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. DA Davidson reissued a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, KeyCorp raised their target price on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Company 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.