Sherbrooke Park Advisers LLC Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

Sherbrooke Park Advisers LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,037 shares of the construction company’s stock, valued at approximately $232,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRIM. Farther Finance Advisors LLC increased its holdings in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. Principal Securities Inc. increased its holdings in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares during the last quarter. Covestor Ltd increased its holdings in shares of 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 purchasing an additional 910 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Primoris Services in the fourth quarter valued at $97,000. Finally, Venturi Wealth Management LLC acquired a new position in shares of Primoris Services in the fourth quarter valued at $143,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Trading Down 0.5%

PRIM stock opened at $74.82 on Wednesday. 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 company’s 50-day simple moving average is $62.30 and its 200 day simple moving average is $72.09. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86. The company has a market capitalization of $4.04 billion, a PE ratio of 24.77 and a beta of 1.33.

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

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Insider Activity at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74% decrease in their position. The disclosure for this sale can be found here. Over the last three months, 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

PRIM has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. DA Davidson reiterated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler upped their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. Finally, Guggenheim reiterated a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.75.

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.