QRG Capital Management Inc. Lowers Holdings in Primoris Services Co. (NASDAQ:PRIM)

QRG Capital Management Inc. trimmed its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 4.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,305 shares of the construction company's stock after selling 3,674 shares during the quarter. QRG Capital Management Inc. owned 0.14% of Primoris Services worth $4,438,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Sound Income Strategies LLC acquired a new stake in shares of Primoris Services during the 1st quarter worth approximately $45,000. Redhawk Wealth Advisors Inc. boosted its position in shares of Primoris Services by 2.0% during the 1st quarter. Redhawk Wealth Advisors Inc. now owns 37,007 shares of the construction company's stock worth $2,125,000 after acquiring an additional 713 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Primoris Services in the 1st quarter valued at $1,070,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Primoris Services by 14.4% in the 1st quarter. Harbor Capital Advisors Inc. now owns 25,610 shares of the construction company's stock valued at $1,470,000 after purchasing an additional 3,214 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Primoris Services by 166.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock valued at $118,000 after purchasing an additional 1,274 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. DA Davidson reissued a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. KeyCorp upped their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. Finally, Guggenheim reissued a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. One research 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 has an average rating of "Moderate Buy" and a consensus target price of $85.75.

Primoris Services Price Performance

NASDAQ PRIM traded down $0.61 on Friday, reaching $74.03. 1,249,152 shares of the company's stock traded hands, compared to its average volume of 780,771. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The stock has a 50-day simple moving average of $68.64 and a 200 day simple moving average of $70.94. The stock has a market cap of $4.00 billion, a PE ratio of 24.51 and a beta of 1.37.

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

Primoris Services Dividend Announcement

The business also recently announced 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. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. Primoris Services's dividend payout ratio is 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.