Ethic Inc. Makes New $209,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

Ethic Inc. acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,742 shares of the construction company’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in Primoris Services by 97.4% during 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. QRG Capital Management Inc. boosted its holdings in shares of Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock valued at $6,187,000 after acquiring an additional 4,623 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Primoris Services by 74.3% in the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock valued at $3,514,000 after acquiring an additional 19,530 shares in the last quarter. AMI Asset Management Corp boosted its holdings in shares of Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after acquiring an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. purchased a new stake in shares of Primoris Services in the fourth quarter valued at about $48,851,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of PRIM opened at $75.52 on Friday. 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 stock has a market cap of $4.08 billion, a P/E ratio of 25.01 and a beta of 1.33. The company has a 50-day moving average of $61.92 and a two-hundred day moving average of $71.93. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86.

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

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio is presently 8.47%.

Wall Street Analyst Weigh In

PRIM has been the topic of several analyst reports. JPMorgan Chase & Co. lifted 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. KeyCorp lifted their target price on shares of Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Piper Sandler boosted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Finally, Guggenheim reissued a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $85.75.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 over the last 90 days. 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.