Primoris Services Co. (NASDAQ:PRIM) Shares Bought by BNP Paribas Financial Markets

BNP Paribas Financial Markets lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 97.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 487,831 shares of the construction company's stock after acquiring an additional 240,882 shares during the period. BNP Paribas Financial Markets owned 0.91% of Primoris Services worth $37,270,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PRIM. Vanguard Group Inc. boosted its holdings in shares of Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after purchasing an additional 82,261 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after purchasing an additional 430,589 shares during the period. Alliancebernstein L.P. lifted its stake 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 purchasing an additional 1,274,839 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Primoris Services by 15.8% during the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after purchasing an additional 155,347 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Primoris Services by 97.4% during the 4th 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 in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Trading Up 2.7 %

NASDAQ:PRIM opened at $66.85 on Thursday. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The business's 50-day simple moving average is $60.79 and its 200 day simple moving average is $71.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 22.14 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly 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 during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the company earned $0.47 earnings per share. The business's quarterly revenue was up 16.7% compared to the same quarter last year. As a group, sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business 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 annualized dividend and a dividend yield of 0.48%. Primoris Services's payout ratio is 8.47%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. raised their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. KeyCorp upped their target price on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Jefferies Financial Group began coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business'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 completion of the sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction 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 directly owns 12,586 shares in the company, valued at $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 0.90% of the company's stock.

Primoris Services 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.

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