Viking Fund Management LLC Takes Position in Primoris Services Co. (NASDAQ:PRIM)

Viking Fund Management LLC acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) in the 1st quarter, HoldingsChannel reports. The fund acquired 12,000 shares of the construction company’s stock, valued at approximately $689,000.

Several other institutional investors and hedge funds have also modified their holdings of PRIM. Barclays PLC lifted its holdings in shares of Primoris Services by 245.8% in the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock valued at $6,628,000 after buying an additional 81,111 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of Primoris Services in the 4th quarter valued at about $436,000. KBC Group NV lifted its holdings in shares of Primoris Services by 26.2% in the 4th quarter. KBC Group NV now owns 2,273 shares of the construction company’s stock valued at $174,000 after buying an additional 472 shares during the period. DAVENPORT & Co LLC lifted its holdings in shares of Primoris Services by 9.6% in the 4th quarter. DAVENPORT & Co LLC now owns 12,893 shares of the construction company’s stock valued at $985,000 after buying an additional 1,134 shares during the period. Finally, Jennison Associates LLC acquired a new position in shares of Primoris Services in the 4th quarter valued at about $429,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Price Performance

NASDAQ:PRIM opened at $72.01 on Tuesday. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The stock has a 50 day moving average of $63.66 and a two-hundred day moving average of $71.71. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $3.89 billion, a P/E ratio of 23.84 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping 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 company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business earned $0.47 EPS. Primoris Services’s quarterly revenue was up 16.7% on a year-over-year basis. On average, analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.44%. Primoris Services’s dividend payout ratio (DPR) is currently 8.47%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares of the company’s stock, valued at $858,868.64. This trade represents a 26.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

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.