Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Northern Trust Corp

Northern Trust Corp grew its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 10.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 545,309 shares of the construction company’s stock after purchasing an additional 52,168 shares during the period. Northern Trust Corp’s holdings in Primoris Services were worth $41,662,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PRIM. Alliancebernstein L.P. boosted its position in Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after purchasing an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. acquired a new position in shares of Primoris Services during the 4th quarter worth $48,851,000. Invesco Ltd. boosted its position in shares of Primoris Services by 27.5% in the 4th 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. JPMorgan Chase & Co. increased its holdings in Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after acquiring an additional 381,284 shares in the last quarter. Finally, Norges Bank acquired a new position in Primoris Services during the fourth quarter worth about $22,636,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. Company insiders own 0.90% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $68.58 on Friday. 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 capitalization of $3.70 billion, a price-to-earnings ratio of 22.71 and a beta of 1.33. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The company has a 50 day moving average price of $60.79 and a 200 day moving average price of $71.39.

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

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PRIM. KeyCorp increased their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday. DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. Piper Sandler raised their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Guggenheim reissued a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $85.75.

About Primoris Services

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.