Primoris Services Co. (NASDAQ:PRIM) Holdings Lowered by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC trimmed its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 57.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,671 shares of the construction company’s stock after selling 83,700 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Primoris Services were worth $3,598,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after purchasing an additional 82,261 shares during the last quarter. Invesco Ltd. grew its stake in shares of Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after purchasing an additional 430,589 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after purchasing an additional 1,274,839 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Primoris Services by 15.8% in the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock worth $87,023,000 after purchasing an additional 155,347 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after purchasing an additional 381,284 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Performance

Shares of PRIM opened at $92.44 on Tuesday. The company’s 50 day moving average price is $79.19 and its 200 day moving average price is $71.84. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $93.84. The company has a market capitalization of $4.99 billion, a PE ratio of 30.61 and a beta of 1.37. 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 (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the previous year, the firm posted $0.47 earnings per share. The firm’s revenue 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 fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Monday, June 30th. Primoris Services’s payout ratio is presently 8.47%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PRIM shares. Guggenheim reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, July 17th. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 22nd. KeyCorp lifted their target price on shares of Primoris Services from $79.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 16th. Piper Sandler lifted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Finally, Janney Montgomery Scott began coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 target price on the stock. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.56.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the transaction, the director directly owned 102,281 shares of the company’s stock, valued at approximately $7,913,480.97. The trade was a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

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.