Primoris Services Co. (NASDAQ:PRIM) Stake Reduced by Phocas Financial Corp.

Phocas Financial Corp. cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 19.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 226,304 shares of the construction company's stock after selling 54,751 shares during the quarter. Primoris Services makes up approximately 2.3% of Phocas Financial Corp.'s holdings, making the stock its 2nd biggest position. Phocas Financial Corp. owned about 0.42% of Primoris Services worth $17,290,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC grew its position in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after acquiring an additional 746 shares during the last quarter. Principal Securities Inc. grew its position in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares during the last quarter. Covestor Ltd grew its position in Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after acquiring an additional 910 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in Primoris Services in the 4th quarter valued at $97,000. Finally, Venturi Wealth Management LLC bought a new position in Primoris Services in the 4th quarter valued at $143,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $0.42 during trading on Friday, hitting $72.30. The stock had a trading volume of 696,997 shares, compared to its average volume of 775,092. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of 23.94 and a beta of 1.33. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a 50-day simple moving average of $63.44 and a two-hundred day simple moving average of $71.85.

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

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Insider Transactions at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 over the last three months. 0.90% of the stock is currently owned by insiders.

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.