Primoris Services Co. (NASDAQ:PRIM) Shares Bought by Canton Hathaway LLC

Canton Hathaway LLC grew its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 25.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,500 shares of the construction company’s stock after purchasing an additional 500 shares during the quarter. Canton Hathaway LLC’s holdings in Primoris Services were worth $144,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of 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 purchasing an additional 381,284 shares during the period. QRG Capital Management Inc. increased its position in shares of Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock valued at $6,187,000 after purchasing an additional 4,623 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock worth $3,514,000 after acquiring an additional 19,530 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Primoris Services in the 1st quarter worth $1,070,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Primoris Services by 10.5% in the 4th quarter. Principal Financial Group Inc. now owns 55,937 shares of the construction company’s stock worth $4,274,000 after acquiring an additional 5,317 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRIM. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. lifted their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. KeyCorp lifted their target price on Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Guggenheim reiterated a “buy” rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $85.75.

Primoris Services Stock Performance

Shares of PRIM stock opened at $74.03 on Friday. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. 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 company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 24.51 and a beta of 1.37. The stock’s fifty day simple moving average is $68.64 and its 200-day simple moving average is $71.03.

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

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio is 8.47%.

Primoris Services Company 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.