Victory Capital Management Inc. Purchases 10,304 Shares of Primoris Services Co. (NASDAQ:PRIM)

Victory Capital Management Inc. lifted its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 308,143 shares of the construction company's stock after buying an additional 10,304 shares during the period. Victory Capital Management Inc. owned about 0.57% of Primoris Services worth $17,690,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. DAVENPORT & Co LLC increased its holdings in shares of Primoris Services by 1.4% in the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock worth $750,000 after buying an additional 175 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of Primoris Services by 5.3% in the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after buying an additional 268 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Primoris Services by 5.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock worth $427,000 after buying an additional 313 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after buying an additional 347 shares during the last quarter. Finally, Total Wealth Planning & Management Inc. increased its holdings in shares of Primoris Services by 5.4% in the 1st quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock worth $536,000 after buying an additional 475 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Up 3.3%

Shares of PRIM traded up $2.99 during mid-day trading on Friday, hitting $92.92. The company's stock had a trading volume of 772,997 shares, compared to its average volume of 914,902. The company's 50-day moving average is $78.85 and its 200-day moving average is $71.78. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $93.84. The firm has a market capitalization of $5.02 billion, a price-to-earnings ratio of 30.77 and a beta of 1.37. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share 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 quarter in the prior year, the company earned $0.47 EPS. The company's revenue was up 16.7% compared to the same quarter last year. On average, equities research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.34%. Primoris Services's payout ratio is presently 8.47%.

Wall Street Analyst Weigh In

PRIM has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday. Janney Montgomery Scott initiated coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. Piper Sandler raised 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. KeyCorp raised their price target on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Finally, Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $91.56.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the completion of the transaction, the director owned 102,281 shares in the company, valued at $7,913,480.97. The trade was a 12.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.40% of the company's stock.

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.