Summit Global Investments Invests $381,000 in Primoris Services Co. (NASDAQ:PRIM)

Summit Global Investments acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 11,465 shares of the construction company’s stock, valued at approximately $381,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC grew its stake in shares of Primoris Services by 85.1% in the fourth quarter. CWM LLC now owns 855 shares of the construction company’s stock worth $28,000 after purchasing an additional 393 shares during the last quarter. Swiss National Bank raised its holdings in shares of Primoris Services by 0.9% during the third quarter. Swiss National Bank now owns 117,100 shares of the construction company’s stock valued at $3,833,000 after acquiring an additional 1,100 shares in the last quarter. Group One Trading L.P. purchased a new stake in Primoris Services in the third quarter worth $44,000. Advisors Asset Management Inc. boosted its holdings in Primoris Services by 2.5% in the third quarter. Advisors Asset Management Inc. now owns 72,551 shares of the construction company’s stock valued at $2,375,000 after acquiring an additional 1,796 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new position in Primoris Services during the 4th quarter valued at $61,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Up 0.6 %

Shares of Primoris Services stock opened at $47.30 on Monday. The company has a 50-day simple moving average of $42.90 and a two-hundred day simple moving average of $36.32. Primoris Services Co. has a 52-week low of $23.48 and a 52-week high of $48.40. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market capitalization of $2.54 billion, a PE ratio of 16.60 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.21. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.93 EPS. On average, analysts anticipate that Primoris Services Co. will post 2.61 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, March 27th. Primoris Services’s dividend payout ratio (DPR) is 10.34%.

Analysts Set New Price Targets

PRIM has been the subject of several research analyst reports. The Goldman Sachs Group raised their target price on shares of Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. DA Davidson upped their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. StockNews.com lowered shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. Finally, UBS Group upped their price target on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, April 5th.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total value of $826,200.00. Following the completion of the sale, the director now directly owns 217,281 shares in the company, valued at $8,975,878.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $41.31, for a total value of $826,200.00. Following the transaction, the director now directly owns 217,281 shares in the company, valued at approximately $8,975,878.11. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the sale, the chief accounting officer now directly owns 9,068 shares of the company’s stock, valued at approximately $362,720. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,000 shares of company stock worth $2,040,125. Company insiders own 1.30% of the company’s stock.

About Primoris Services

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.