SG Americas Securities LLC Invests $1.07 Million in Primoris Services Co. (NASDAQ:PRIM)

SG Americas Securities LLC acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 18,645 shares of the construction company's stock, valued at approximately $1,070,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Primoris Services by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after acquiring an additional 82,261 shares in the last quarter. Invesco Ltd. grew its stake in shares of Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after acquiring an additional 430,589 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after acquiring an additional 1,274,839 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Primoris Services by 15.8% in the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock valued at $87,023,000 after acquiring an additional 155,347 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after acquiring an additional 381,284 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 analysts recently commented on the stock. Piper Sandler upped their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Guggenheim restated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson reaffirmed a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price objective 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. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Price Performance

PRIM traded down $0.61 on Friday, hitting $74.03. 1,249,152 shares of the stock were exchanged, compared to its average volume of 780,771. 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 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 business has a 50-day moving average of $68.64 and a two-hundred day moving average of $70.94.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. The firm had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 earnings per share. Sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal 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 issued a $0.08 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. Primoris Services's dividend payout ratio (DPR) is currently 8.47%.

About Primoris Services

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.