Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Phocas Financial Corp.

Phocas Financial Corp. cut its stake in Primoris Services Co. (NASDAQ:PRIM) by 30.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 156,829 shares of the construction company’s stock after selling 69,475 shares during the period. Primoris Services comprises about 1.4% of Phocas Financial Corp.’s holdings, making the stock its 16th largest holding. Phocas Financial Corp. owned about 0.29% of Primoris Services worth $9,004,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Invesco Ltd. grew its position in shares of Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after buying an additional 430,589 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Primoris Services in the 1st quarter valued at approximately $24,133,000. JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after purchasing an additional 381,284 shares in the last quarter. Norges Bank purchased a new stake in shares of Primoris Services during the 4th quarter worth $22,636,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Primoris Services during the fourth quarter worth $21,199,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director directly owned 102,281 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Insiders own 1.40% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM opened at $91.10 on Friday. The company’s 50 day simple moving average is $80.83 and its 200-day simple moving average is $72.23. The firm has a market cap of $4.92 billion, a PE ratio of 30.17 and a beta of 1.37. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $96.16. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping 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 firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the business earned $0.47 EPS. Primoris Services’s quarterly revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 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%.

Analyst Upgrades and Downgrades

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

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.