Harbor Capital Advisors Inc. Raises Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Harbor Capital Advisors Inc. lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 14.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,610 shares of the construction company’s stock after purchasing an additional 3,214 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Primoris Services were worth $1,470,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after buying an additional 82,261 shares during the last quarter. Invesco Ltd. lifted its position in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after buying an additional 430,589 shares during the last quarter. Alliancebernstein L.P. lifted its position in Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after buying an additional 1,274,839 shares during the last quarter. First Trust Advisors LP lifted its position in Primoris Services by 15.8% in the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock worth $87,023,000 after buying an additional 155,347 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after buying an additional 381,284 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $73.59 on Friday. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of 24.37 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a 50 day moving average price of $66.43 and a 200-day moving average price of $71.39. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.47 EPS. Equities analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, June 30th. Primoris Services’s payout ratio is 8.47%.

Insider Transactions at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’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 directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. DA Davidson reiterated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Guggenheim reiterated a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. Finally, Piper Sandler boosted their price objective on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $85.75.

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.