DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Invests $4.33 Million in Primoris Services Co. (NASDAQ:PRIM)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 56,630 shares of the construction company’s stock, valued at approximately $4,327,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. USA Financial Formulas purchased a new stake in shares of Primoris Services during the fourth quarter worth $27,000. Farther Finance Advisors LLC increased 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 purchasing an additional 746 shares during the period. Principal Securities Inc. boosted its stake 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 buying an additional 343 shares during the period. Covestor Ltd grew its position in shares of Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after buying 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 fourth quarter worth approximately $97,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Performance

Shares of PRIM opened at $68.37 on Friday. The company’s 50 day simple moving average is $60.82 and its 200-day simple moving average is $71.43. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The firm has a market cap of $3.69 billion, a PE ratio of 22.64 and a beta of 1.33. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data 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 company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business posted $0.47 earnings per share. Primoris Services’s quarterly revenue was up 16.7% on a year-over-year basis. As a group, equities analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.47%. Primoris Services’s dividend payout ratio (DPR) is currently 8.47%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Jefferies Financial Group initiated 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 for the company. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp increased their price objective on Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Guggenheim restated a “buy” rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.75.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. Company insiders own 0.90% of the company’s stock.

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.