Advisor Resource Council Acquires Shares of 13,648 Primoris Services Co. (NASDAQ:PRIM)

Advisor Resource Council acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) during the first quarter, HoldingsChannel reports. The fund acquired 13,648 shares of the construction company’s stock, valued at approximately $749,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its holdings in Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after buying an additional 347 shares in the last quarter. Sound Income Strategies LLC acquired a new stake in shares of Primoris Services during the 1st quarter worth $45,000. Farther Finance Advisors LLC grew its holdings in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. grew its holdings in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after purchasing an additional 343 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after purchasing an additional 910 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PRIM shares. JPMorgan Chase & Co. increased 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 increased 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 reissued a “buy” rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. DA Davidson reissued a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Jefferies Financial Group started coverage on Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and a consensus target price of $85.75.

Primoris Services Price Performance

Shares of PRIM stock opened at $74.03 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The company has a market cap of $4.00 billion, a P/E ratio of 24.51 and a beta of 1.37. The business has a fifty day simple moving average of $68.64 and a 200 day simple moving average of $70.94.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data 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. 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 company earned $0.47 EPS. Primoris Services’s revenue for the quarter was up 16.7% on a year-over-year basis. On average, sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently announced 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 0.43%. Primoris Services’s dividend payout ratio is presently 8.47%.

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.