Wellington Management Group LLP Purchases 55,400 Shares of Primoris Services Co. (NASDAQ:PRIM)

Wellington Management Group LLP increased its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 30.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 234,530 shares of the construction company's stock after purchasing an additional 55,400 shares during the period. Wellington Management Group LLP owned approximately 0.44% of Primoris Services worth $17,918,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PRIM. Farther Finance Advisors LLC increased its position in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after purchasing an additional 746 shares during the last quarter. Principal Securities Inc. increased its position in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after purchasing an additional 343 shares during the last quarter. Covestor Ltd increased its position in shares of Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after purchasing an additional 910 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Primoris Services in the fourth quarter worth approximately $97,000. Finally, Venturi Wealth Management LLC bought a new position in shares of Primoris Services in the fourth quarter worth approximately $143,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Trading Up 1.0%

Shares of NASDAQ:PRIM traded up $0.73 during trading on Thursday, reaching $73.71. 573,301 shares of the company traded hands, compared to its average volume of 772,341. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 24.41 and a beta of 1.33. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. 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 business's fifty day moving average is $64.63 and its 200-day moving average is $71.69.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. The firm 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 quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.47 earnings per share. As a group, analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid 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 dividend payout ratio (DPR) is presently 8.47%.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

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

Primoris Services Company 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.