Benjamin Edwards Inc. Trims Stake in Primoris Services Co. (NASDAQ:PRIM)

Benjamin Edwards Inc. decreased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 5.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,176 shares of the construction company’s stock after selling 327 shares during the period. Benjamin Edwards Inc.’s holdings in Primoris Services were worth $472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PRIM. Arizona State Retirement System lifted its position in Primoris Services by 0.8% during 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 in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock valued at $505,000 after buying an additional 268 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of Primoris Services by 5.3% during the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares during the period. Summit Investment Advisors Inc. increased its holdings in Primoris Services by 5.9% in the 4th 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 in the last quarter. Finally, Principal Securities Inc. raised its stake in 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 acquiring an additional 343 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were 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 owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 in the last ninety days. Insiders own 0.90% of the company’s stock.

Primoris Services Stock Down 0.2 %

Shares of PRIM opened at $68.37 on Friday. The business’s 50 day simple moving average is $60.82 and its 200-day simple moving average is $71.50. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 22.64 and a beta of 1.33.

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

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.47%. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Analysts Set New Price Targets

PRIM has been the subject of a number of analyst reports. DA Davidson reissued a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. KeyCorp boosted their price objective on Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.75.

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.