Virtus Investment Advisers Inc. Has $1.86 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Virtus Investment Advisers Inc. lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 12.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,382 shares of the construction company’s stock after buying an additional 2,700 shares during the period. Primoris Services makes up 1.5% of Virtus Investment Advisers Inc.’s portfolio, making the stock its 5th biggest position. Virtus Investment Advisers Inc.’s holdings in Primoris Services were worth $1,863,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PRIM. Farther Finance Advisors LLC increased its holdings in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. increased its stake in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after buying an additional 343 shares in the last quarter. Covestor Ltd grew its holdings in Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company’s stock valued at $71,000 after buying an additional 910 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of Primoris Services in the fourth quarter worth about $97,000. Finally, Venturi Wealth Management LLC bought a new stake in Primoris Services in the 4th quarter worth approximately $143,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $75.52 on Monday. The company has a market capitalization of $4.08 billion, a PE ratio of 25.01 and a beta of 1.33. The company has a 50-day simple moving average of $61.92 and a two-hundred day simple moving average of $71.99. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. 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 (NASDAQ:PRIM) last posted 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 during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the business posted $0.47 EPS. Primoris Services’s revenue was up 16.7% on a year-over-year basis. Research analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now 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. Over the last 90 days, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Piper Sandler increased their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Guggenheim reaffirmed a “buy” rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. KeyCorp upped 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, May 7th. DA Davidson reissued a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group started coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and an average target price of $85.75.

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.