Goodlander Investment Management LLC Acquires New Position in Primoris Services Co. (NASDAQ:PRIM)

Goodlander Investment Management LLC bought a new position in Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 125,000 shares of the construction company’s stock, valued at approximately $9,550,000. Primoris Services comprises approximately 7.2% of Goodlander Investment Management LLC’s portfolio, making the stock its 8th largest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. USA Financial Formulas bought a new position in Primoris Services in the 4th quarter worth approximately $27,000. Farther Finance Advisors LLC grew its stake in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. grew its stake in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after purchasing an additional 343 shares in the last quarter. Covestor Ltd increased its holdings 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 valued at $71,000 after purchasing an additional 910 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of Primoris Services during the fourth quarter valued at about $97,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, 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 value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of Primoris Services 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 sale, the director now owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last ninety days. Insiders own 0.90% of the company’s stock.

Primoris Services Price Performance

Shares of PRIM opened at $68.37 on Friday. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. 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 company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 22.64 and a beta of 1.33. The business’s 50-day moving average is $60.82 and its 200-day moving average is $71.43.

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

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PRIM shares. Guggenheim reiterated a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. Piper Sandler raised their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research note on Wednesday. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. Finally, KeyCorp boosted their price objective on Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $85.75.

Primoris Services Company 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.