Northern Trust Corp Acquires 52,168 Shares of Primoris Services Co. (NASDAQ:PRIM)

Northern Trust Corp raised its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 10.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 545,309 shares of the construction company's stock after acquiring an additional 52,168 shares during the period. Northern Trust Corp owned approximately 1.02% of Primoris Services worth $41,662,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System increased its stake 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 during the last quarter. PNC Financial Services Group Inc. raised its position 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 worth $505,000 after purchasing an additional 268 shares during the last quarter. HighTower Advisors LLC lifted its stake in shares of Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after acquiring an additional 268 shares during the period. Summit Investment Advisors Inc. lifted its position in shares of Primoris Services by 5.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock worth $427,000 after purchasing an additional 313 shares during the period. Finally, Principal Securities Inc. lifted its holdings in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after buying an additional 343 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday. DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Finally, KeyCorp increased their target price on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of "Moderate Buy" and an average price target of $85.75.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 in the last three months. Corporate insiders own 0.90% of the company's stock.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $0.11 during mid-day trading on Friday, hitting $68.37. The company had a trading volume of 700,507 shares, compared to its average volume of 741,529. The stock's 50-day moving average price is $60.82 and its 200-day moving average price is $71.57. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 22.64 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. 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 announced its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the prior year, the business posted $0.47 earnings per share. The company's revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders 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 dividend yield of 0.47%. Primoris Services's dividend payout ratio (DPR) is currently 8.47%.

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.