Primoris Services Co. (NASDAQ:PRIM) Position Raised by Comerica Bank

Comerica Bank lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 1,261.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 24,562 shares of the construction company’s stock after acquiring an additional 22,758 shares during the period. Comerica Bank’s holdings in Primoris Services were worth $1,877,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its position in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after buying an additional 381,284 shares in the last quarter. QRG Capital Management Inc. lifted its stake in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after acquiring an additional 4,623 shares during the period. 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. Harbor Capital Advisors Inc. increased its stake in shares of Primoris Services by 12,845.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after acquiring an additional 22,223 shares during the period. Finally, AMI Asset Management Corp raised its holdings in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after purchasing an additional 6,350 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PRIM shares. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. KeyCorp boosted their target price on shares of Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday. Piper Sandler raised their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, DA Davidson reaffirmed a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $85.75.

Insider Buying and Selling at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by insiders.

Primoris Services Stock Performance

PRIM opened at $68.37 on Friday. The stock’s 50 day simple moving average is $60.82 and its 200-day simple moving average is $71.43. 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 $3.69 billion, a PE ratio of 22.64 and a beta of 1.33. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.28. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 earnings per share. Sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend 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 is 8.47%.

Primoris Services 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.