Silvercrest Asset Management Group LLC Takes $5.91 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Silvercrest Asset Management Group LLC acquired a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 77,340 shares of the construction company's stock, valued at approximately $5,909,000. Silvercrest Asset Management Group LLC owned approximately 0.14% of Primoris Services as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRIM. Farther Finance Advisors LLC raised 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 worth $59,000 after buying an additional 746 shares in the last quarter. Principal Securities Inc. increased its stake in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares during the last quarter. Covestor Ltd increased its stake in Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after acquiring an additional 910 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in Primoris Services in the fourth quarter valued at $97,000. Finally, Venturi Wealth Management LLC bought a new position in Primoris Services in the fourth quarter valued at $143,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Trading Up 2.0%

Shares of NASDAQ:PRIM traded up $1.41 on Friday, reaching $71.13. 792,995 shares of the company traded hands, compared to its average volume of 773,804. The business's 50-day simple moving average is $62.71 and its 200 day simple moving average is $72.09. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86. The stock has a market capitalization of $3.84 billion, a P/E ratio of 23.55 and a beta of 1.33. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same period last year, the firm earned $0.47 earnings per share. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, equities analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. Primoris Services's payout ratio is presently 8.47%.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $4,310,043 over the last ninety days. 1.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. KeyCorp increased their target price on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Guggenheim reissued a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson reissued a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently 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.