Primoris Services Co. (NASDAQ:PRIM) Stock Holdings Increased by US Bancorp DE

US Bancorp DE increased its holdings in Primoris Services Co. (NASDAQ:PRIM) by 156.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,820 shares of the construction company’s stock after purchasing an additional 2,941 shares during the quarter. US Bancorp DE’s holdings in Primoris Services were worth $277,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc raised its holdings in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after purchasing an additional 347 shares in the last quarter. Sound Income Strategies LLC bought a new stake in shares of Primoris Services in the 1st quarter worth approximately $45,000. Farther Finance Advisors LLC raised its holdings in shares of Primoris Services by 166.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company’s stock worth $118,000 after purchasing an additional 1,274 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Primoris Services by 130.9% in the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company’s stock worth $130,000 after purchasing an additional 1,279 shares in the last quarter. Finally, Canton Hathaway LLC raised its holdings in shares of Primoris Services by 25.0% in the 1st quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company’s stock worth $144,000 after purchasing an additional 500 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the transaction, the director owned 82,281 shares in the company, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PRIM shares. Guggenheim restated a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, July 17th. JPMorgan Chase & Co. boosted their target price 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. KeyCorp boosted their target price on shares of Primoris Services from $98.00 to $119.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. 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, DA Davidson boosted their target price on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” 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 stock. Based on data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and a consensus price target of $99.44.

Primoris Services Stock Down 2.2%

Primoris Services stock opened at $110.94 on Friday. The firm has a market cap of $5.99 billion, a PE ratio of 36.73 and a beta of 1.44. 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’s 50 day moving average price is $87.48 and its two-hundred day moving average price is $73.87. Primoris Services Co. has a twelve month low of $48.33 and a twelve month high of $115.99.

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

Primoris Services Announces Dividend

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

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.