Simplicity Wealth LLC Decreases Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Simplicity Wealth LLC cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 58.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,650 shares of the construction company's stock after selling 6,673 shares during the quarter. Simplicity Wealth LLC's holdings in Primoris Services were worth $267,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PRIM. Versant Capital Management Inc boosted its stake in Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after purchasing an additional 347 shares during the period. Farther Finance Advisors LLC boosted its stake in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after purchasing an additional 746 shares during the period. Principal Securities Inc. boosted its stake in 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 purchasing an additional 343 shares during the period. Covestor Ltd boosted its stake in Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after purchasing an additional 910 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new position in Primoris Services in the 4th quarter worth approximately $97,000. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PRIM shares. DA Davidson restated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. KeyCorp upped their price target on 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. Piper Sandler upped their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

Primoris Services Price Performance

Shares of PRIM traded up $1.58 during mid-day trading on Monday, hitting $75.83. 804,144 shares of the stock were exchanged, compared to its average volume of 777,101. The company has a market cap of $4.10 billion, a PE ratio of 25.11 and a beta of 1.37. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The firm has a 50-day moving average of $67.29 and a two-hundred day moving average of $71.11. 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 (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, beating the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the prior year, the firm posted $0.47 EPS. Primoris Services's quarterly revenue was up 16.7% compared to the same quarter last year. On average, equities analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.42%. Primoris Services's payout ratio is presently 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.