Primoris Services Co. (NASDAQ:PRIM) Shares Acquired by Northern Trust Corp

Northern Trust Corp increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 10.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 545,309 shares of the construction company’s stock after purchasing an additional 52,168 shares during the quarter. Northern Trust Corp owned 1.02% of Primoris Services worth $41,662,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PRIM. USA Financial Formulas acquired a new position in shares of Primoris Services during the fourth quarter worth about $27,000. Farther Finance Advisors LLC grew its holdings in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares in the last quarter. Principal Securities Inc. increased its position in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares during the last quarter. Covestor Ltd raised its holdings in shares of Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company’s stock valued at $71,000 after purchasing an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of Primoris Services during the 4th quarter worth $97,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PRIM shares. KeyCorp raised their price target on Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday. Piper Sandler boosted their target price on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Wednesday. DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $85.75.

Insider Transactions at Primoris Services

In other news, 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 completion of the transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 over the last 90 days. 0.90% of the stock is currently owned by insiders.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $68.58 on Friday. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 22.71 and a beta of 1.33. The firm’s fifty day simple moving average is $60.79 and its 200-day simple moving average is $71.39. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. 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 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 business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the prior year, the company earned $0.47 earnings per share. The business’s revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services’s payout ratio is currently 8.47%.

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.