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

Silvercrest Asset Management Group LLC bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 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 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System raised its position in shares of Primoris Services by 0.8% in the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock worth $1,190,000 after acquiring an additional 131 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Primoris Services by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock worth $505,000 after purchasing an additional 268 shares in the last quarter. HighTower Advisors LLC lifted its position in Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock valued at $406,000 after buying an additional 268 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of Primoris Services by 5.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after buying an additional 313 shares in the last quarter. Finally, Principal Securities Inc. grew its position in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after buying an additional 343 shares during the period. 91.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. KeyCorp boosted their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $4.87 during trading on Thursday, reaching $69.63. 1,407,469 shares of the company traded hands, compared to its average volume of 769,512. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a 50 day simple moving average of $62.45 and a 200-day simple moving average of $72.11. 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 $3.76 billion, a PE ratio of 23.06 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business earned $0.47 EPS. The company's quarterly revenue was up 16.7% compared to the same quarter last year. Equities research analysts anticipate 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. Stockholders of record on Monday, June 30th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio is presently 8.47%.

Insider Activity

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now owns 7,377 shares of the company's stock, valued at $501,636. The trade was a 11.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company'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 completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last 90 days. Company insiders own 1.40% of the company's stock.

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.