Legato Capital Management LLC Has $641,000 Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Legato Capital Management LLC lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 26.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,169 shares of the construction company's stock after selling 3,941 shares during the quarter. Legato Capital Management LLC's holdings in Primoris Services were worth $641,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PRIM. Versant Capital Management Inc boosted its stake in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in shares of Primoris Services during the first quarter worth $45,000. Covestor Ltd raised its holdings in shares of Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after acquiring an additional 910 shares in the last quarter. Farther Finance Advisors LLC increased its position in Primoris Services by 166.1% during the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after buying an additional 1,274 shares during the last quarter. Finally, Blue Trust Inc. increased its position in Primoris Services by 130.9% during the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock worth $130,000 after buying an additional 1,279 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Primoris Services 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 transaction, the director directly owned 102,281 shares of the company's stock, valued at $7,913,480.97. This represents a 12.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Janney Montgomery Scott began coverage on Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. Piper Sandler upped their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. KeyCorp boosted their price objective on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $91.56.

Primoris Services Stock Up 3.3%

NASDAQ PRIM traded up $2.99 on Friday, reaching $92.92. The company had a trading volume of 772,997 shares, compared to its average volume of 914,902. The company's fifty day moving average is $78.50 and its 200-day moving average is $71.73. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $93.84. 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 has a market capitalization of $5.02 billion, a price-to-earnings ratio of 30.77 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted 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. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.47 EPS. On average, research analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.34%. 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.