Summit Global Investments Has $977,000 Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

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

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Arizona State Retirement System grew its position in 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 purchasing an additional 131 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock valued at $505,000 after acquiring an additional 268 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Primoris Services by 5.3% during the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock valued at $406,000 after acquiring an additional 268 shares in the last quarter. Summit Investment Advisors Inc. boosted its position 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 acquiring an additional 313 shares in the last quarter. Finally, Principal Securities Inc. boosted its position in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. 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 over the last three months. Insiders own 1.40% of the company's stock.

Primoris Services Stock Down 0.1%

Shares of Primoris Services stock traded down $0.10 on Monday, hitting $72.01. The company had a trading volume of 532,347 shares, compared to its average volume of 773,266. The firm has a market capitalization of $3.89 billion, a P/E ratio of 23.84 and a beta of 1.33. Primoris Services Co. has a twelve month low of $45.92 and a twelve month 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. The stock has a 50-day moving average of $63.44 and a 200-day moving average of $71.75.

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 net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter in the prior year, the company earned $0.47 earnings per share. The business's quarterly revenue was up 16.7% compared to the same quarter last year. Research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given 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 0.44%. Primoris Services's payout ratio is 8.47%.

Analysts Set New Price Targets

Several analysts have recently weighed in on PRIM shares. DA Davidson reiterated a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. Piper Sandler raised their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Finally, Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. 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 MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services 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.