Picton Mahoney Asset Management boosted its position in Primoris Services Co. (NASDAQ:PRIM – Free Report) by 396.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,379 shares of the construction company’s stock after buying an additional 16,274 shares during the quarter. Picton Mahoney Asset Management’s holdings in Primoris Services were worth $1,170,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently made changes to their positions in PRIM. Versant Capital Management Inc increased its position in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after purchasing an additional 347 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of Primoris Services during the 1st quarter worth approximately $45,000. Covestor Ltd increased its position in shares of Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after purchasing an additional 910 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Primoris Services by 166.1% during the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company’s stock worth $118,000 after purchasing an additional 1,274 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Primoris Services by 130.9% during the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company’s stock worth $130,000 after purchasing an additional 1,279 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.
Analyst Ratings Changes
Several research analysts have weighed in on PRIM shares. Guggenheim reaffirmed a “buy” rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, July 17th. Janney Montgomery Scott began coverage on Primoris Services in a research note on Thursday, July 3rd. They set a “buy” rating and a $102.00 target price for the company. JPMorgan Chase & Co. lifted their target price on Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. KeyCorp lifted their target price on Primoris Services from $79.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 16th. Finally, Piper Sandler lifted their target price on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and a consensus target price of $91.56.
Insider Transactions at Primoris Services
In related news, Director John P. Schauerman sold 15,000 shares of the business’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the completion of the sale, the director directly owned 102,281 shares in the company, valued at $7,913,480.97. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.40% of the stock is owned by company insiders.
Primoris Services Stock Performance
PRIM opened at $94.17 on Thursday. The business has a fifty day simple moving average of $79.55 and a 200 day simple moving average of $71.98. The company has a market capitalization of $5.09 billion, a PE ratio of 31.18 and a beta of 1.37. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $95.13. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.
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 (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 EPS. Research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.
Primoris Services Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.08 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.34%. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.
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.
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