ProShare Advisors LLC Grows Position in Primoris Services Co. (NASDAQ:PRIM)

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

Several other institutional investors have also added to or reduced their stakes in PRIM. Farther Finance Advisors LLC raised its holdings in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after buying an additional 746 shares during the period. 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 increased its stake in Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after purchasing an additional 910 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in Primoris Services in the fourth quarter worth $97,000. Finally, Venturi Wealth Management LLC bought a new stake in shares of Primoris Services during the fourth quarter worth $143,000. Institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PRIM shares. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. DA Davidson reissued a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim reaffirmed a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. 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 research note on Wednesday, May 7th. Finally, Jefferies Financial Group began coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $85.75.

Primoris Services Stock Up 2.0%

Shares of NASDAQ PRIM traded up $1.41 during midday trading on Friday, reaching $71.13. 792,995 shares of the company's stock traded hands, compared to its average volume of 773,804. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 23.55 and a beta of 1.33. The stock's 50 day simple moving average is $62.71 and its 200-day simple moving average is $72.04. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86.

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

Primoris Services Dividend Announcement

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 given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is currently 8.47%.

Insider Buying and Selling

In related news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last 90 days. 1.40% of the stock is owned by corporate 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.