Mackenzie Financial Corp Acquires Shares of 7,800 Primoris Services Co. (NASDAQ:PRIM)

Mackenzie Financial Corp acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,800 shares of the construction company’s stock, valued at approximately $259,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRIM. Freedom Day Solutions LLC acquired a new position in shares of Primoris Services in the fourth quarter valued at approximately $666,000. Allspring Global Investments Holdings LLC grew its position in shares of Primoris Services by 21.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,705 shares of the construction company’s stock valued at $455,000 after purchasing an additional 2,448 shares during the last quarter. New York State Teachers Retirement System acquired a new position in shares of Primoris Services in the fourth quarter valued at approximately $159,000. Fulton Bank N.A. grew its position in shares of Primoris Services by 21.0% in the fourth quarter. Fulton Bank N.A. now owns 13,077 shares of the construction company’s stock valued at $434,000 after purchasing an additional 2,271 shares during the last quarter. Finally, Camelot Portfolios LLC acquired a new position in shares of Primoris Services in the fourth quarter valued at approximately $239,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Up 2.2 %

Shares of PRIM opened at $46.42 on Monday. Primoris Services Co. has a 52 week low of $23.48 and a 52 week high of $47.87. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 20.01 and a beta of 1.19. 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 fifty day moving average of $42.12 and a 200-day moving average of $35.73.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, February 26th. The construction company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.21. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the prior year, the company earned $0.93 EPS. Primoris Services’s revenue was up 14.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Primoris Services Co. will post 2.61 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Wednesday, March 27th. Primoris Services’s payout ratio is 10.34%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRIM. StockNews.com downgraded Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. The Goldman Sachs Group raised their target price on Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. DA Davidson raised their target price on Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Finally, UBS Group raised their target price on Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th.

Insider Buying and Selling

In related news, CAO Travis L. Stricker sold 7,500 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,068 shares of the company’s stock, valued at approximately $362,720. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Primoris Services news, Director David Lee King sold 2,500 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total transaction of $101,725.00. Following the completion of the sale, the director now directly owns 29,217 shares in the company, valued at approximately $1,188,839.73. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the sale, the chief accounting officer now owns 9,068 shares of the company’s stock, valued at $362,720. The disclosure for this sale can be found here. Insiders sold a total of 50,000 shares of company stock valued at $2,040,125 in the last three months. Insiders own 1.40% 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.