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

Wellington Management Group LLP grew its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 30.9% during the 4th quarter, according to its most recent filing 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 quarter. Wellington Management Group LLP owned approximately 0.44% of Primoris Services worth $17,918,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PRIM. Farther Finance Advisors LLC boosted its stake in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after acquiring an additional 746 shares during the last quarter. Principal Securities Inc. lifted its stake in shares of Primoris Services by 63.2% in 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 during the period. Covestor Ltd boosted its position in shares of Primoris Services by 4,550.0% in the 4th 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 acquired a new stake in shares of Primoris Services during the fourth quarter worth $97,000. Finally, Venturi Wealth Management LLC bought a new stake in Primoris Services in the fourth quarter valued at about $143,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Up 2.1%

Shares of NASDAQ:PRIM traded up $1.52 during midday trading on Tuesday, reaching $73.63. The company had a trading volume of 550,682 shares, compared to its average volume of 772,383. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The stock has a market cap of $3.98 billion, a PE ratio of 24.38 and a beta of 1.33. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The business's 50 day moving average price is $63.66 and its 200 day moving average price is $71.71.

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

Primoris Services Dividend Announcement

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 is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. Primoris Services's payout ratio is 8.47%.

Insider Activity at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction on 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 transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PRIM has been the subject of several analyst reports. Piper Sandler boosted their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. KeyCorp lifted 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. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. Finally, JPMorgan Chase & Co. increased 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 analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.