QRG Capital Management Inc. Sells 3,674 Shares of Primoris Services Co. (NASDAQ:PRIM)

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

A number of other large investors have also recently bought and sold shares of PRIM. Versant Capital Management Inc boosted its holdings in Primoris Services by 294.1% in 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 in the last quarter. Sound Income Strategies LLC bought a new stake in Primoris Services in the first quarter worth $45,000. Farther Finance Advisors LLC boosted its holdings in 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 purchasing an additional 746 shares in the last quarter. Principal Securities Inc. boosted its holdings 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 in the last quarter. Finally, Covestor Ltd lifted 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 acquiring an additional 910 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Down 0.5%

Shares of PRIM opened at $74.64 on Thursday. The company has a 50-day simple moving average of $67.94 and a 200-day simple moving average of $71.16. The firm has a market capitalization of $4.03 billion, a P/E ratio of 24.72 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. The business 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%. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.47 earnings per share. On average, equities research analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

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

Analysts Set New Price Targets

PRIM has been the subject of a number of research analyst reports. DA Davidson reissued a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. KeyCorp boosted their target price on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Guggenheim reissued a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of 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 issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.

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