Royce & Associates LP Purchases 23,536 Shares of Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Royce & Associates LP increased its stake in Primoris Services by 11.7%, owning 224,540 shares valued at approximately $12.89 million after acquiring an additional 23,536 shares.
• Primoris Services reported better-than-expected earnings, with $0.98 earnings per share and revenues of $1.65 billion, surpassing analyst estimates.
• A new quarterly dividend of $0.08 was declared, translating to an annualized yield of 0.34% and a payout ratio of 8.47%.

Royce & Associates LP grew its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 11.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 224,540 shares of the construction company's stock after acquiring an additional 23,536 shares during the period. Royce & Associates LP owned about 0.42% of Primoris Services worth $12,891,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Primoris Services during the first quarter valued at about $2,875,000. Y Intercept Hong Kong Ltd increased its holdings in shares of Primoris Services by 171.3% during the first quarter. Y Intercept Hong Kong Ltd now owns 26,145 shares of the construction company's stock worth $1,501,000 after buying an additional 16,509 shares in the last quarter. Horizon Investment Services LLC increased its holdings in shares of Primoris Services by 16.5% during the first quarter. Horizon Investment Services LLC now owns 20,702 shares of the construction company's stock worth $1,189,000 after buying an additional 2,939 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Primoris Services by 139.4% in the first quarter. Allianz Asset Management GmbH now owns 129,353 shares of the construction company's stock valued at $7,426,000 after purchasing an additional 75,314 shares in the last quarter. Finally, Foundry Partners LLC increased its holdings in shares of Primoris Services by 1.4% in the first quarter. Foundry Partners LLC now owns 49,711 shares of the construction company's stock valued at $2,854,000 after purchasing an additional 672 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Up 3.3%

Shares of NASDAQ PRIM traded up $2.99 during mid-day trading on Friday, reaching $92.92. 772,997 shares of the company's stock traded hands, compared to its average volume of 914,902. The stock has a market cap of $5.02 billion, a P/E ratio of 30.77 and a beta of 1.37. The business has a 50-day simple moving average of $78.85 and a 200 day simple moving average of $71.83. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $93.84. 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 (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the previous year, the company earned $0.47 earnings per share. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date was Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday. KeyCorp boosted their price objective on shares of Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Janney Montgomery Scott began coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, July 17th. Finally, Piper Sandler boosted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.56.

Insider Buying and Selling

In other news, Director John P. Schauerman sold 15,000 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the completion of the sale, the director owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is currently owned by corporate insiders.

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.