MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Buys 40,805 Shares of Primoris Services Co. (NASDAQ:PRIM)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 5.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 736,740 shares of the construction company’s stock after purchasing an additional 40,805 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Primoris Services were worth $56,287,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Moore Capital Management LP purchased a new stake in shares of Primoris Services during the fourth quarter valued at about $3,826,000. Lazard Asset Management LLC lifted its position in Primoris Services by 1,435.5% during the fourth quarter. Lazard Asset Management LLC now owns 54,985 shares of the construction company’s stock valued at $4,200,000 after acquiring an additional 51,404 shares during the last quarter. LMR Partners LLP acquired a new stake in Primoris Services in the fourth quarter valued at approximately $615,000. Janus Henderson Group PLC grew its holdings in Primoris Services by 16.7% in the fourth quarter. Janus Henderson Group PLC now owns 107,288 shares of the construction company’s stock worth $8,196,000 after purchasing an additional 15,356 shares during the last quarter. Finally, Goodlander Investment Management LLC acquired a new position in shares of Primoris Services during the fourth quarter worth $9,550,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insiders Place Their Bets

In other news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction dated 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 owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PRIM shares. JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. DA Davidson restated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Piper Sandler lifted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $85.75.

Primoris Services Price Performance

NASDAQ:PRIM opened at $70.89 on Tuesday. The firm’s fifty day moving average is $60.87 and its two-hundred day moving average is $71.64. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 23.47 and a beta of 1.33. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the firm posted $0.47 EPS. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. Research analysts expect 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 will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.45%. Primoris Services’s dividend payout ratio is presently 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.