Alberta Investment Management Corp Has $3.52 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Alberta Investment Management Corp lowered its stake in Primoris Services Co. (NASDAQ:PRIM) by 12.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,287 shares of the construction company’s stock after selling 9,078 shares during the quarter. Alberta Investment Management Corp owned approximately 0.11% of Primoris Services worth $3,518,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PRIM. US Bancorp DE grew its holdings in Primoris Services by 156.5% during the 1st quarter. US Bancorp DE now owns 4,820 shares of the construction company’s stock worth $277,000 after acquiring an additional 2,941 shares during the last quarter. Vestcor Inc acquired a new position in shares of Primoris Services during the first quarter worth $219,000. XTX Topco Ltd grew its stake in shares of Primoris Services by 103.3% in the first quarter. XTX Topco Ltd now owns 14,988 shares of the construction company’s stock worth $860,000 after purchasing an additional 7,616 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Primoris Services in the first quarter worth $880,000. Finally, Federated Hermes Inc. increased its holdings in Primoris Services by 39.8% in the first quarter. Federated Hermes Inc. now owns 328,834 shares of the construction company’s stock valued at $18,878,000 after purchasing an additional 93,668 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Price Performance

PRIM opened at $91.10 on Friday. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $96.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of 30.17 and a beta of 1.37. The firm’s fifty day moving average price is $80.83 and its two-hundred day moving average price is $72.23.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share 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 last year, the firm earned $0.47 earnings per share. The firm’s revenue was up 16.7% on a year-over-year basis. As a group, analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, June 30th. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PRIM shares. Piper Sandler upped their price target on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. KeyCorp upped their target price on Primoris Services from $79.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 16th. Guggenheim reissued a “buy” rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday, July 17th. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, July 22nd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and an average target price of $91.56.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the sale, the director directly owned 102,281 shares in the company, valued at $7,913,480.97. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.40% 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.