Summit Global Investments Increases Position in Primoris Services Co. (NASDAQ:PRIM)

Summit Global Investments raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 106.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,011 shares of the construction company's stock after purchasing an additional 8,771 shares during the quarter. Summit Global Investments' holdings in Primoris Services were worth $977,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PRIM. Alliancebernstein L.P. lifted its holdings in Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after buying an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. bought a new stake in shares of Primoris Services during the fourth quarter valued at approximately $48,851,000. Invesco Ltd. raised its stake in shares of Primoris Services by 27.5% during 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. JPMorgan Chase & Co. boosted its holdings 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 purchasing an additional 381,284 shares during the period. Finally, Norges Bank bought a new position in Primoris Services in the fourth quarter worth approximately $22,636,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of research analyst reports. KeyCorp lifted their target price on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim reissued a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. Finally, Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $85.75.

Primoris Services Stock Up 0.4%

Primoris Services stock traded up $0.31 during trading hours on Wednesday, reaching $73.83. The stock had a trading volume of 209,445 shares, compared to its average volume of 770,706. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 24.45 and a beta of 1.33. The business's 50 day moving average price is $63.98 and its 200-day moving average price is $71.72. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86. 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 issued its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm earned $0.47 EPS. The company's quarterly revenue was up 16.7% compared to the same quarter last year. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 EPS 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 given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, June 30th. Primoris Services's payout ratio is presently 8.47%.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following 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 represents a 56.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.