Cetera Investment Advisers Buys 4,212 Shares of Primoris Services Co. (NASDAQ:PRIM)

Cetera Investment Advisers grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 35.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,985 shares of the construction company’s stock after buying an additional 4,212 shares during the period. Cetera Investment Advisers’ holdings in Primoris Services were worth $918,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. DAVENPORT & Co LLC lifted its position in Primoris Services by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company’s stock valued at $750,000 after acquiring an additional 175 shares during the period. Summit Investment Advisors Inc. lifted its position in Primoris Services by 5.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company’s stock valued at $427,000 after acquiring an additional 313 shares during the period. Versant Capital Management Inc lifted its position in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after acquiring an additional 347 shares during the period. Total Wealth Planning & Management Inc. lifted its position in Primoris Services by 5.4% during the 1st quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company’s stock valued at $536,000 after acquiring an additional 475 shares during the period. Finally, Canton Hathaway LLC lifted its position in Primoris Services by 25.0% during the 1st quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company’s stock valued at $144,000 after acquiring an additional 500 shares during the period. Institutional investors own 91.82% of the company’s stock.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director owned 102,281 shares of the company’s stock, valued at approximately $7,913,480.97. The trade was a 12.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRIM. DA Davidson lifted their price target on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Janney Montgomery Scott began coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a “buy” rating and a $102.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. Guggenheim reiterated a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, July 17th. Finally, KeyCorp upped their price target on shares of Primoris Services from $98.00 to $119.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $99.44.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $114.81 on Wednesday. Primoris Services Co. has a fifty-two week low of $48.33 and a fifty-two week high of $115.62. The business has a 50-day simple moving average of $85.93 and a two-hundred day simple moving average of $73.30. 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 $6.20 billion, a price-to-earnings ratio of 38.02 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the previous year, the firm earned $1.04 EPS. Primoris Services’s revenue was up 20.9% on a year-over-year basis. On average, analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. Primoris Services’s payout ratio is 7.26%.

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.