Prosperity Wealth Management Inc. Acquires Shares of 5,500 Primoris Services Co. (NASDAQ:PRIM)

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

Several other institutional investors have also recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its holdings in shares of Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after purchasing an additional 347 shares during the period. Farther Finance Advisors LLC boosted its position 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 valued at $59,000 after acquiring an additional 746 shares during the period. Sound Income Strategies LLC bought a new position in Primoris Services in the first quarter worth $45,000. Principal Securities Inc. lifted its position in 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 purchasing an additional 343 shares during the period. Finally, Covestor Ltd raised its stake 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. Institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PRIM. Jefferies Financial Group started coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. KeyCorp upped 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. Piper Sandler increased their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. DA Davidson reiterated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. raised 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. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Stock Performance

NASDAQ:PRIM traded down $0.61 during mid-day trading on Friday, hitting $74.03. 1,249,152 shares of the company traded hands, compared to its average volume of 782,607. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 24.51 and a beta of 1.37. 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's fifty day moving average price is $68.64 and its 200-day moving average price is $71.03. 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 earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (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 business had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter last year, the firm earned $0.47 EPS. The business's revenue for the quarter was up 16.7% on a year-over-year basis. Research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio is presently 8.47%.

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.