Moran Wealth Management LLC Buys New Stake in Primoris Services Co. (NASDAQ:PRIM)

Moran Wealth Management LLC bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,659 shares of the construction company’s stock, valued at approximately $555,000.

Several other institutional investors also recently bought and sold shares of PRIM. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Primoris Services in the 1st quarter worth $231,000. Canton Hathaway LLC grew its stake in shares of Primoris Services by 25.0% in the 1st quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company’s stock worth $144,000 after buying an additional 500 shares in the last quarter. Advisor Resource Council purchased a new position in shares of Primoris Services in the 1st quarter worth $749,000. Blue Trust Inc. grew its stake in shares of Primoris Services by 130.9% in the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company’s stock worth $130,000 after buying an additional 1,279 shares in the last quarter. Finally, Lumbard & Kellner LLC purchased a new position in shares of Primoris Services in the 1st quarter worth $2,122,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on PRIM. 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. Piper Sandler lifted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Guggenheim reissued a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target for the company. One investment 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 has an average rating of “Moderate Buy” and a consensus price target of $85.75.

Primoris Services Price Performance

PRIM stock opened at $78.84 on Friday. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. 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 company has a 50-day moving average price of $70.26 and a 200 day moving average price of $70.91. The stock has a market cap of $4.26 billion, a PE ratio of 26.10 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the company earned $0.47 EPS. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. Equities research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed 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 is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. Primoris Services’s payout ratio is 8.47%.

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.