Caitong International Asset Management Co. Ltd Buys Shares of 2,882 Primoris Services Co. (NASDAQ:PRIM)

Caitong International Asset Management Co. Ltd bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,882 shares of the construction company’s stock, valued at approximately $165,000.

Other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its stake in shares of Primoris Services by 58.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 40,230 shares of the construction company’s stock valued at $3,074,000 after purchasing an additional 14,877 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Primoris Services by 1.0% in the 4th quarter. Legal & General Group Plc now owns 66,522 shares of the construction company’s stock valued at $5,082,000 after purchasing an additional 646 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Primoris Services in the 4th quarter valued at $21,199,000. Townsquare Capital LLC acquired a new stake in shares of Primoris Services in the 4th quarter valued at $2,655,000. Finally, Summit Investment Advisors Inc. lifted its stake in shares of Primoris Services by 5.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company’s stock valued at $427,000 after purchasing an additional 313 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Activity

In other news, Director John P. Schauerman sold 15,000 shares of the business’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the transaction, the director owned 102,281 shares in the company, valued at approximately $7,913,480.97. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.90% of the company’s stock.

Primoris Services Stock Down 0.9%

Primoris Services stock opened at $113.52 on Thursday. The firm has a fifty day moving average price of $86.74 and a two-hundred day moving average price of $73.58. Primoris Services Co. has a fifty-two week low of $48.33 and a fifty-two week high of $115.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $6.13 billion, a price-to-earnings ratio of 37.59 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the previous year, the firm posted $1.04 EPS. The business’s revenue was up 20.9% compared to the same quarter last year. As a group, analysts forecast 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 Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services’s payout ratio is presently 7.26%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PRIM. UBS Group lifted their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, July 22nd. KeyCorp lifted their price objective on shares of Primoris Services from $98.00 to $119.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. DA Davidson boosted their target price on shares of Primoris Services from $85.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Finally, Guggenheim reissued a “buy” rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday, July 17th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.44.

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.