Townsquare Capital LLC Grows Position in Primoris Services Co. (NASDAQ:PRIM)

Key Points

• Townsquare Capital LLC increased its stake in Primoris Services Co. by 14.5%, holding approximately $2.28 million worth of stock after acquiring additional shares during the first quarter.
• In its recent quarterly earnings report, Primoris Services exceeded analyst expectations, posting $1.68 EPS and a revenue of $1.89 billion, marking a 20.9% increase from the previous year.
• The company declared a quarterly dividend of $0.08 per share, which will be paid on October 15th, representing an annualized yield of 0.3%.

Townsquare Capital LLC raised its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 14.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 39,781 shares of the construction company's stock after acquiring an additional 5,028 shares during the period. Townsquare Capital LLC owned approximately 0.07% of Primoris Services worth $2,284,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. DAVENPORT & Co LLC boosted its position in Primoris Services by 1.4% in the first quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock valued at $750,000 after buying an additional 175 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in Primoris Services by 5.9% in the fourth 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 during the last quarter. Versant Capital Management Inc boosted its position in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares during the last quarter. Total Wealth Planning & Management Inc. boosted its position in Primoris Services by 5.4% in the first quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock valued at $536,000 after buying an additional 475 shares during the last quarter. Finally, Canton Hathaway LLC boosted its position in Primoris Services by 25.0% in the first quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company's stock valued at $144,000 after buying an additional 500 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Analysts Set New Price Targets

PRIM has been the topic of a number of recent research reports. DA Davidson upped their target price on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Janney Montgomery Scott assumed coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target for the company. KeyCorp boosted their price target on Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Finally, Guggenheim reissued a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $99.44.

Primoris Services Price Performance

Shares of PRIM traded up $0.63 during trading hours on Friday, hitting $111.75. 1,054,742 shares of the stock were exchanged, compared to its average volume of 936,502. 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 Co. has a 12-month low of $48.33 and a 12-month high of $115.99. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 37.00 and a beta of 1.44. The stock's 50-day moving average price is $88.19 and its two-hundred day moving average price is $74.14.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The firm's revenue for the quarter was up 20.9% on a year-over-year basis. Research analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the transaction, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.40% of the stock is owned by insiders.

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.