AMI Asset Management Corp Cuts Holdings in Primoris Services Co. (NASDAQ:PRIM)

AMI Asset Management Corp decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 2.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,502 shares of the construction company’s stock after selling 550 shares during the period. AMI Asset Management Corp’s holdings in Primoris Services were worth $1,062,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arizona State Retirement System grew its position in shares of Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock valued at $1,190,000 after purchasing an additional 131 shares during the period. PNC Financial Services Group Inc. boosted its position in Primoris Services by 4.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after acquiring an additional 268 shares during the last quarter. HighTower Advisors LLC boosted its position in Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock worth $406,000 after acquiring an additional 268 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in Primoris Services by 5.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company’s stock worth $427,000 after acquiring an additional 313 shares during the last quarter. Finally, Principal Securities Inc. boosted its position in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PRIM shares. Piper Sandler boosted their price target 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. KeyCorp boosted their price target on shares of Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price 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. 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 target price on the stock. Finally, Guggenheim reiterated a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $85.75.

Primoris Services Stock Performance

Shares of PRIM stock opened at $76.62 on Thursday. The firm’s 50 day moving average price is $69.81 and its 200-day moving average price is $70.91. 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 Co. has a one year low of $45.92 and a one year high of $90.86. The firm has a market cap of $4.14 billion, a P/E ratio of 25.37 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM) last issued 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 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 analyst estimates of $1.49 billion. During the same period in the prior year, the business posted $0.47 EPS. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services’s payout ratio is currently 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.