Nicholas Investment Partners LP Has $9.16 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Nicholas Investment Partners LP raised its position in Primoris Services Co. (NASDAQ:PRIM) by 3.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 119,841 shares of the construction company’s stock after acquiring an additional 4,266 shares during the period. Nicholas Investment Partners LP’s holdings in Primoris Services were worth $9,156,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. USA Financial Formulas acquired a new position in shares of Primoris Services during the fourth quarter worth approximately $27,000. Farther Finance Advisors LLC increased its stake 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 valued at $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. raised its holdings in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after buying an additional 343 shares during the last quarter. Covestor Ltd lifted its stake in shares of Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock valued at $71,000 after buying an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Primoris Services in the fourth quarter valued at $97,000. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. Guggenheim reissued a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. KeyCorp lifted their target price on Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Finally, Piper Sandler increased their price target 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 equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Primoris Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.75.

Insider Buying and Selling at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock worth $4,310,043 over the last ninety days. 1.40% of the stock is currently owned by company insiders.

Primoris Services Stock Performance

NASDAQ PRIM opened at $76.79 on Wednesday. The company has a market capitalization of $4.15 billion, a PE ratio of 25.43 and a beta of 1.33. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The company has a 50-day simple moving average of $61.14 and a 200 day simple moving average of $71.67.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.28. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 EPS. On average, research analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company 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 is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Primoris Services’s payout ratio is presently 8.47%.

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.