Headlands Technologies LLC Purchases New Shares in Primoris Services Co. (NASDAQ:PRIM)

Headlands Technologies LLC purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,183 shares of the construction company’s stock, valued at approximately $68,000.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its position in Primoris Services by 34.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company’s stock worth $799,000 after acquiring an additional 3,561 shares during the period. Cambridge Investment Research Advisors Inc. bought a new stake in Primoris Services in the first quarter worth about $231,000. SG Americas Securities LLC bought a new stake in Primoris Services in the first quarter worth about $1,070,000. KBC Group NV raised its position in Primoris Services by 24.5% in the first quarter. KBC Group NV now owns 2,831 shares of the construction company’s stock worth $163,000 after acquiring an additional 558 shares during the period. Finally, Hsbc Holdings PLC raised its position in Primoris Services by 74.3% in the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock worth $3,514,000 after acquiring an additional 19,530 shares during the period. Institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $114.81 on Wednesday. The company has a 50 day moving average of $85.93 and a 200 day moving average of $73.30. The stock has a market cap of $6.20 billion, a P/E ratio of 38.02 and a beta of 1.44. Primoris Services Co. has a 12 month low of $48.33 and a 12 month high of $115.62. 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 (NASDAQ:PRIM) last released its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter in the previous year, the company earned $1.04 EPS. The business’s quarterly revenue was up 20.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services’s payout ratio is presently 7.26%.

Analyst Ratings Changes

PRIM has been the topic of several research reports. KeyCorp lifted their price objective on shares of Primoris Services from $98.00 to $119.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 6th. UBS Group lifted their target price on shares of Primoris Services from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. Guggenheim reiterated a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, July 17th. Finally, 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 research note on Wednesday, May 7th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $99.44.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 24th. The shares were 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 approximately $7,913,480.97. The trade was a 12.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.90% of the company’s stock.

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.