Jacobs Levy Equity Management Inc. lowered its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,224 shares of the construction company's stock after selling 12,601 shares during the period. Jacobs Levy Equity Management Inc. owned 0.16% of Primoris Services worth $6,511,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after buying an additional 82,261 shares during the period. Invesco Ltd. lifted its stake in Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after acquiring an additional 430,589 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after acquiring an additional 1,274,839 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Primoris Services by 15.8% in the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after acquiring an additional 155,347 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities research analysts have commented on PRIM shares. Piper Sandler upped their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. KeyCorp boosted their price target on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, DA Davidson reaffirmed a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $85.75.
Read Our Latest Stock Report on Primoris Services
Primoris Services Price Performance
PRIM traded down $0.13 during trading on Monday, hitting $75.38. The company's stock had a trading volume of 153,559 shares, compared to its average volume of 757,289. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of 24.91 and a beta of 1.33. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The business's fifty day simple moving average is $61.92 and its 200 day simple moving average is $71.99. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.
Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. The firm had revenue of $1.65 billion for 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 posted $0.47 EPS. On average, equities research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.
Primoris Services Announces Dividend
The business also recently declared 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 is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.
Insider Activity at Primoris Services
In other news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, 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 Securities & Exchange Commission, which is available at this link. Also, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by corporate insiders.
About Primoris Services
(
Free Report)
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.
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