Primoris Services Co. (NASDAQ:PRIM) Stock Position Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 57,664 shares of the construction company’s stock after purchasing an additional 1,727 shares during the quarter. Principal Financial Group Inc. owned about 0.11% of Primoris Services worth $3,310,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PRIM. PNC Financial Services Group Inc. grew its holdings in shares of Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after acquiring an additional 268 shares during the last quarter. HighTower Advisors LLC increased its stake in Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares during the period. Swiss National Bank grew its position in Primoris Services by 0.5% during the 4th quarter. Swiss National Bank now owns 105,600 shares of the construction company’s stock worth $8,068,000 after acquiring an additional 500 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Primoris Services during the 4th quarter worth $314,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 15,000 shares of the 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 transaction, the director directly owned 102,281 shares of the company’s stock, valued at $7,913,480.97. This trade represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.90% of the stock is currently owned by company insiders.

Primoris Services Trading Up 2.3%

Shares of NASDAQ PRIM opened at $87.45 on Friday. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86. The stock has a market cap of $4.72 billion, a P/E ratio of 28.96 and a beta of 1.37. The firm has a 50-day moving average of $76.99 and a 200 day moving average of $71.36. 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) last announced its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.28. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 earnings per share. As a group, sell-side analysts expect 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 was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date was Monday, June 30th. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Piper Sandler upped their price objective 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. Guggenheim reaffirmed a “buy” rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday. Janney Montgomery Scott began coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a “buy” rating and a $102.00 target price on the stock. Finally, KeyCorp lifted their price target on shares of Primoris Services from $79.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $90.22.

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.