Primoris Services Co. (NASDAQ:PRIM) Shares Acquired by KBC Group NV

KBC Group NV increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 24.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,831 shares of the construction company’s stock after purchasing an additional 558 shares during the period. KBC Group NV’s holdings in Primoris Services were worth $163,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after purchasing an additional 347 shares during the period. Sound Income Strategies LLC purchased a new stake in shares of Primoris Services during the 1st quarter worth $45,000. Farther Finance Advisors LLC lifted its position in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after purchasing an additional 746 shares during the last quarter. Covestor Ltd lifted 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. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of Primoris Services during the 4th quarter worth $97,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 3.3%

NASDAQ PRIM opened at $84.74 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $4.58 billion, a PE ratio of 28.06 and a beta of 1.37. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The firm’s fifty day moving average is $73.18 and its two-hundred day moving average is $70.86.

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

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. Primoris Services’s dividend payout ratio (DPR) is 8.47%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PRIM. Guggenheim reaffirmed a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. Janney Montgomery Scott began coverage on shares of Primoris Services in a research report on Thursday. They set a “buy” rating and a $102.00 price objective for the company. KeyCorp lifted their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective for the company. Finally, Piper Sandler boosted their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.56.

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.