Stifel Financial Corp Increases Stake in Primoris Services Co. (NASDAQ:PRIM)

Stifel Financial Corp increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 201.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,844 shares of the construction company's stock after buying an additional 13,270 shares during the quarter. Stifel Financial Corp's holdings in Primoris Services were worth $1,516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after purchasing an additional 381,284 shares during the last quarter. QRG Capital Management Inc. increased its stake in Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after acquiring an additional 4,623 shares during the period. Harbor Capital Advisors Inc. grew its position in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after acquiring an additional 22,223 shares during the period. AMI Asset Management Corp lifted its holdings in Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after purchasing an additional 6,350 shares during the last quarter. Finally, Congress Asset Management Co. bought a new position in Primoris Services in the 4th quarter valued at $48,851,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer now 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 ownership of the stock. 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 business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now owns 7,377 shares of the company's stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by corporate insiders.

Primoris Services Stock Performance

NASDAQ PRIM traded down $0.11 on Friday, hitting $68.37. 700,507 shares of the stock traded hands, compared to its average volume of 741,270. The firm 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 debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The business's fifty day moving average is $60.82 and its two-hundred day moving average is $71.43. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $1.49 billion. During the same period in the prior year, the company posted $0.47 EPS. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, equities analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.47%. Primoris Services's dividend payout ratio is presently 8.47%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Piper Sandler lifted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday. KeyCorp increased their price target on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday. JPMorgan Chase & Co. lifted 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. DA Davidson restated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, Guggenheim restated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Primoris Services presently 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.