Viking Fund Management LLC Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

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

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Barclays PLC increased its position in Primoris Services by 245.8% during the third quarter. Barclays PLC now owns 114,116 shares of the construction company's stock worth $6,628,000 after purchasing an additional 81,111 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Primoris Services during the 4th quarter valued at $436,000. KBC Group NV grew its stake in shares of Primoris Services by 26.2% during the 4th quarter. KBC Group NV now owns 2,273 shares of the construction company's stock valued at $174,000 after buying an additional 472 shares during the period. DAVENPORT & Co LLC increased its holdings in shares of Primoris Services by 9.6% during the 4th quarter. DAVENPORT & Co LLC now owns 12,893 shares of the construction company's stock worth $985,000 after buying an additional 1,134 shares during the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of Primoris Services in the 4th quarter worth $429,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Up 1.0%

NASDAQ PRIM traded up $0.73 during mid-day trading on Thursday, reaching $73.71. 573,301 shares of the company's stock traded hands, compared to its average volume of 771,651. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 24.41 and a beta of 1.33. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a fifty day simple moving average of $64.30 and a 200-day simple moving average of $71.73. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.28. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm's quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 earnings per share. As a group, equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. Primoris Services's dividend payout ratio is currently 8.47%.

Insider Buying and Selling at Primoris Services

In other Primoris Services 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 value of $3,935,099.00. Following the transaction, the chief executive officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on PRIM. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. KeyCorp boosted 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 target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

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.