GAMMA Investing LLC Has $748,000 Position in Primoris Services Co. (NASDAQ:PRIM)

GAMMA Investing LLC increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 7,798.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,032 shares of the construction company’s stock after buying an additional 12,867 shares during the quarter. GAMMA Investing LLC’s holdings in Primoris Services were worth $748,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PRIM. Versant Capital Management Inc grew its position in Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after buying an additional 347 shares in the last quarter. Farther Finance Advisors LLC grew its position in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after buying an additional 746 shares in the last quarter. Principal Securities Inc. grew its position in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after buying an additional 343 shares in the last quarter. Covestor Ltd grew its position in Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after buying an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new stake in Primoris Services during the fourth quarter worth approximately $97,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Down 0.9%

Shares of NASDAQ:PRIM opened at $75.15 on Wednesday. The business has a fifty day simple moving average of $67.62 and a 200 day simple moving average of $71.14. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $4.06 billion, a P/E ratio of 24.88 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the company posted $0.47 EPS. The business’s quarterly revenue was up 16.7% on a year-over-year basis. Analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. Primoris Services’s dividend payout ratio is presently 8.47%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PRIM. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Piper Sandler raised their target price on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim reiterated a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target for the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.