State of Wyoming Grows Position in Primoris Services Co. (NASDAQ:PRIM)

State of Wyoming increased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 91.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,971 shares of the construction company's stock after buying an additional 7,131 shares during the quarter. State of Wyoming's holdings in Primoris Services were worth $1,144,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. USA Financial Formulas bought a new stake in shares of Primoris Services during the 4th quarter worth approximately $27,000. Farther Finance Advisors LLC grew its position in shares of Primoris Services by 3,552.4% in 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. Principal Securities Inc. grew its stake in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares in the last quarter. Covestor Ltd boosted its stake in shares of Primoris Services by 4,550.0% in the fourth 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 bought a new position in Primoris Services during the 4th quarter worth $97,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Down 0.3%

Primoris Services stock traded down $0.23 during trading hours on Wednesday, hitting $74.57. 986,676 shares of the stock traded hands, compared to its average volume of 766,960. The firm's 50-day moving average price is $62.45 and its two-hundred day moving average price is $72.11. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $4.03 billion, a PE ratio of 24.69 and a beta of 1.33. 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, beating 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 analyst estimates of $1.49 billion. During the same period last year, the business earned $0.47 earnings per share. The business's revenue was up 16.7% on a year-over-year basis. On average, research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.43%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Insider Transactions at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now directly 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 sale was disclosed in a filing 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 on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. 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 target price on the stock. DA Davidson restated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp boosted their target price on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Piper Sandler increased their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and an average target price of $85.75.

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.