Primoris Services Co. (NASDAQ:PRIM) Position Increased by XTX Topco Ltd

XTX Topco Ltd boosted its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 103.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,988 shares of the construction company's stock after purchasing an additional 7,616 shares during the quarter. XTX Topco Ltd's holdings in Primoris Services were worth $860,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRIM. DAVENPORT & Co LLC boosted its position in shares of Primoris Services by 1.4% in the first quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock worth $750,000 after acquiring an additional 175 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in shares of Primoris Services by 5.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock worth $427,000 after acquiring an additional 313 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares during the last quarter. Total Wealth Planning & Management Inc. boosted its position in shares of Primoris Services by 5.4% in the first quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock worth $536,000 after acquiring an additional 475 shares during the last quarter. Finally, Canton Hathaway LLC boosted its position in shares of Primoris Services by 25.0% in the first quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company's stock worth $144,000 after acquiring an additional 500 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on PRIM. Guggenheim reaffirmed a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. KeyCorp lifted their price target on shares of Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. UBS Group lifted their price target on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective on the stock. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $92.67.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 15,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value 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. This represents a 12.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by corporate insiders.

Primoris Services Stock Performance

Primoris Services stock traded up $15.40 during mid-day trading on Tuesday, reaching $108.49. The company's stock had a trading volume of 2,764,404 shares, compared to its average volume of 931,917. The firm has a market cap of $5.86 billion, a price-to-earnings ratio of 35.92 and a beta of 1.44. The business has a 50 day moving average price of $81.27 and a 200-day moving average price of $72.20. 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 Co. has a twelve month low of $47.47 and a twelve month high of $112.98.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. The company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. Sell-side analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's dividend payout ratio is currently 8.47%.

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.