Ausbil Investment Management Ltd Trims Holdings in Primoris Services Co. (NASDAQ:PRIM)

Ausbil Investment Management Ltd trimmed its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 90.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,607 shares of the construction company's stock after selling 25,521 shares during the period. Ausbil Investment Management Ltd's holdings in Primoris Services were worth $150,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PRIM. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Primoris Services in the first quarter worth $231,000. Canton Hathaway LLC raised its position in 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 period. Advisor Resource Council bought a new position in Primoris Services in the 1st quarter worth $749,000. Blue Trust Inc. lifted its holdings in Primoris Services by 130.9% during the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after purchasing an additional 1,279 shares in the last quarter. Finally, Lumbard & Kellner LLC purchased a new stake in shares of Primoris Services during the first quarter worth about $2,122,000. 91.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on PRIM. Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target on the stock. Guggenheim restated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. KeyCorp raised their target price on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Piper Sandler lifted their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Price Performance

PRIM traded up $2.23 during trading hours on Thursday, hitting $78.84. The company's stock had a trading volume of 877,067 shares, compared to its average volume of 782,249. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 26.10 and a beta of 1.37. The business's 50-day moving average price is $70.26 and its 200-day moving average price is $70.91. 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 12 month low of $45.92 and a 12 month high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same period last year, the company posted $0.47 EPS. The business's revenue was up 16.7% on a year-over-year basis. Sell-side analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

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.