Sherbrooke Park Advisers LLC Invests $232,000 in Primoris Services Co. (NASDAQ:PRIM)

Sherbrooke Park Advisers LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 3,037 shares of the construction company’s stock, valued at approximately $232,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after acquiring an additional 82,261 shares during the last quarter. Invesco Ltd. boosted its stake in Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after acquiring an additional 430,589 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after acquiring an additional 1,274,839 shares during the last quarter. First Trust Advisors LP boosted its stake in Primoris Services by 15.8% during the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock worth $87,023,000 after acquiring an additional 155,347 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake 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 acquiring an additional 381,284 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM opened at $74.82 on Wednesday. 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 Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The firm’s 50 day moving average price is $62.30 and its two-hundred day moving average price is $72.09. The firm has a market cap of $4.04 billion, a P/E ratio of 24.77 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results 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. 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 for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the firm posted $0.47 earnings per share. The business’s revenue was up 16.7% on a year-over-year basis. On average, analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm 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 0.43%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services’s dividend payout ratio is presently 8.47%.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 over the last 90 days. 1.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PRIM. Guggenheim reissued a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. KeyCorp lifted their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, Piper Sandler lifted their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus price target 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.