Smith Group Asset Management LLC Purchases New Shares in Primoris Services Co. (NASDAQ:PRIM)

Smith Group Asset Management LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,536 shares of the construction company's stock, valued at approximately $490,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares during the period. Sound Income Strategies LLC purchased a new position in Primoris Services in the 1st quarter valued at approximately $45,000. Farther Finance Advisors LLC raised its holdings in Primoris Services by 3,552.4% during the fourth 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 last quarter. Covestor Ltd boosted its position in Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after purchasing an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new stake in Primoris Services during the fourth quarter worth $97,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Trading Up 3.0%

PRIM traded up $2.41 during trading on Wednesday, hitting $82.02. The company's stock had a trading volume of 773,035 shares, compared to its average volume of 778,337. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The stock has a market cap of $4.43 billion, a PE ratio of 27.16 and a beta of 1.37. The firm's 50 day moving average price is $72.19 and its 200-day moving average price is $70.92. 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 posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm's revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.47 EPS. On average, analysts expect 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. Shareholders of record on Monday, June 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.39%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PRIM shares. Jefferies Financial Group started coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. Guggenheim reiterated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. KeyCorp raised their price target on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, Piper Sandler upped their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.