Prosperity Wealth Management Inc. Invests $316,000 in Primoris Services Co. (NASDAQ:PRIM)

Prosperity Wealth Management Inc. acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,500 shares of the construction company's stock, valued at approximately $316,000.

Other hedge funds have also bought and sold shares of the company. Versant Capital Management Inc increased its holdings in Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after buying an additional 347 shares during the period. Sound Income Strategies LLC acquired a new stake in shares of Primoris Services in the first quarter worth $45,000. Farther Finance Advisors LLC increased its stake 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 acquiring an additional 746 shares during the period. Principal Securities Inc. increased its stake in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the period. Finally, Covestor Ltd grew its position in Primoris Services by 4,550.0% during the 4th 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. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded down $0.61 during trading on Friday, hitting $74.03. The company had a trading volume of 1,249,152 shares, compared to its average volume of 780,771. 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 fifty-two week low of $45.92 and a fifty-two week high of $90.86. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 24.51 and a beta of 1.37. The stock has a fifty day simple moving average of $68.64 and a two-hundred day simple moving average of $70.94.

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

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid 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 0.43%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Analyst Ratings Changes

PRIM has been the topic of several analyst reports. 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. KeyCorp raised their target price on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. Finally, DA Davidson reaffirmed a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $85.75.

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.