Mackenzie Financial Corp Buys 2,767 Shares of Primoris Services Co. (NASDAQ:PRIM)

Mackenzie Financial Corp increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 9.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,793 shares of the construction company’s stock after acquiring an additional 2,767 shares during the period. Mackenzie Financial Corp owned about 0.06% of Primoris Services worth $1,883,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc raised its holdings 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 acquiring an additional 347 shares in the last quarter. Sound Income Strategies LLC bought a new stake in Primoris Services in the first quarter valued at approximately $45,000. Covestor Ltd raised its stake in Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock valued at $71,000 after buying an additional 910 shares during the period. Farther Finance Advisors LLC raised its stake in Primoris Services by 166.1% in the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company’s stock valued at $118,000 after buying an additional 1,274 shares during the period. Finally, Blue Trust Inc. raised its stake in Primoris Services by 130.9% in the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company’s stock valued at $130,000 after buying an additional 1,279 shares during the period. Institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 15,000 shares of the stock in a transaction that occurred 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 owned 102,281 shares of the company’s stock, valued at $7,913,480.97. This represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is owned by corporate insiders.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $91.10 on Monday. The firm has a market cap of $4.92 billion, a P/E ratio of 30.17 and a beta of 1.44. 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 Co. has a 1-year low of $45.92 and a 1-year high of $96.16. The business’s 50 day moving average is $80.83 and its 200-day moving average is $72.14.

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

Primoris Services Announces Dividend

The business 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. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Primoris Services’s dividend payout ratio is currently 8.47%.

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.