Primoris Services Co. (NASDAQ:PRIM) Shares Bought by ProShare Advisors LLC

ProShare Advisors LLC increased its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 49.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,054 shares of the construction company's stock after buying an additional 4,953 shares during the period. ProShare Advisors LLC's holdings in Primoris Services were worth $1,150,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PRIM. Alliancebernstein L.P. grew its position in shares of Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after purchasing an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. purchased a new stake in shares of Primoris Services in the fourth quarter worth about $48,851,000. Invesco Ltd. boosted its position in shares of Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after acquiring an additional 430,589 shares during the period. JPMorgan Chase & Co. grew its stake in Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after acquiring an additional 381,284 shares in the last quarter. Finally, Norges Bank bought a new position in Primoris Services in the 4th quarter valued at $22,636,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on PRIM shares. DA Davidson restated a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Piper Sandler raised 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. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. Finally, Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $85.75.

Primoris Services Stock Down 1.2%

Shares of PRIM traded down $0.89 on Wednesday, hitting $72.10. 71,829 shares of the stock traded hands, compared to its average volume of 771,337. The company has a market capitalization of $3.89 billion, a PE ratio of 23.85 and a beta of 1.33. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. 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 business has a 50 day simple moving average of $63.00 and a 200 day simple moving average of $71.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating 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 company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same period last year, the firm posted $0.47 earnings per share. Primoris Services's revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts forecast 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. Investors 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 yield of 0.44%. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's 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 transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. The trade was a 56.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares of the company's stock, valued at $501,636. The trade was a 11.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is owned by company insiders.

About Primoris Services

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.