Viking Fund Management LLC Buys Shares of 12,000 Primoris Services Co. (NASDAQ:PRIM)

Viking Fund Management LLC acquired a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,000 shares of the construction company's stock, valued at approximately $689,000.

Several other large investors also recently made changes to their positions in the business. Arizona State Retirement System grew its position in Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock valued at $1,190,000 after acquiring an additional 131 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in 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 purchasing an additional 268 shares in the last quarter. HighTower Advisors LLC grew its holdings in 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 purchasing an additional 268 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in 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 purchasing an additional 313 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in 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 purchasing an additional 343 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction that occurred 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Guggenheim restated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson restated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. raised their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler raised their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, KeyCorp raised their price target on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $85.75.

Primoris Services Stock Up 3.2%

NASDAQ:PRIM traded up $2.36 during mid-day trading on Friday, reaching $76.05. The stock had a trading volume of 651,982 shares, compared to its average volume of 772,808. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of 25.18 and a beta of 1.33. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The stock's 50 day simple moving average is $65.00 and its two-hundred day simple moving average is $71.66. 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 earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 EPS. Equities 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 issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

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.