Phocas Financial Corp. trimmed its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 30.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 156,829 shares of the construction company's stock after selling 69,475 shares during the period. Primoris Services comprises about 1.4% of Phocas Financial Corp.'s investment portfolio, making the stock its 16th largest holding. Phocas Financial Corp. owned about 0.29% of Primoris Services worth $9,004,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PRIM. Versant Capital Management Inc lifted its holdings 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 valued at $27,000 after purchasing an additional 347 shares in the last quarter. Sound Income Strategies LLC bought a new stake in shares of Primoris Services in the first quarter valued at about $45,000. Covestor Ltd raised its holdings in 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 raised its holdings 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 acquiring an additional 1,274 shares in the last quarter. Finally, Blue Trust Inc. raised 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 worth $130,000 after acquiring an additional 1,279 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on PRIM shares. Guggenheim reissued a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. Janney Montgomery Scott assumed coverage on Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. KeyCorp boosted their price target on Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Piper Sandler upped their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. increased their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.56.
Read Our Latest Analysis on PRIM
Primoris Services Stock Up 2.1%
Shares of PRIM traded up $1.94 during trading hours on Monday, hitting $93.08. The stock had a trading volume of 1,317,260 shares, compared to its average volume of 919,205. The firm has a 50 day simple moving average of $80.83 and a 200-day simple moving average of $72.14. The firm has a market capitalization of $5.03 billion, a P/E ratio of 30.82 and a beta of 1.44. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $96.16.
Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating 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 analyst estimates of $1.49 billion. During the same quarter in the previous year, the business posted $0.47 EPS. Primoris Services's quarterly revenue was up 16.7% on a year-over-year basis. Sell-side analysts predict 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. Investors 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 yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.
Insiders Place Their Bets
In other 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 sale, the director owned 102,281 shares in the company, valued at $7,913,480.97. This represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.40% of the company's stock.
Primoris Services Company Profile
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Free Report)
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.
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