Hussman Strategic Advisors Inc. Takes $1.81 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Hussman Strategic Advisors Inc. acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,500 shares of the construction company’s stock, valued at approximately $1,808,000.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in shares of Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after purchasing an additional 381,284 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Primoris Services by 34.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company’s stock valued at $799,000 after purchasing an additional 3,561 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Primoris Services in the first quarter valued at about $231,000. SG Americas Securities LLC acquired a new position in shares of Primoris Services in the first quarter valued at about $1,070,000. Finally, KBC Group NV grew its holdings in Primoris Services by 24.5% during the first quarter. KBC Group NV now owns 2,831 shares of the construction company’s stock worth $163,000 after acquiring an additional 558 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several analyst reports. Piper Sandler raised their target price on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Guggenheim reaffirmed a “buy” rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday. Janney Montgomery Scott initiated coverage on Primoris Services in a report on Thursday, July 3rd. They set a “buy” rating and a $102.00 target price on the stock. Finally, KeyCorp raised their target price on Primoris Services from $79.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $90.22.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director owned 102,281 shares in the company, valued at $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.90% of the stock is currently owned by company insiders.

Primoris Services Price Performance

PRIM stock traded up $0.81 during mid-day trading on Friday, reaching $88.16. 84,545 shares of the company’s stock were exchanged, compared to its average volume of 782,778. The company has a market cap of $4.76 billion, a price-to-earnings ratio of 29.19 and a beta of 1.37. The stock’s 50 day moving average is $76.99 and its 200 day moving average is $71.36. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 earnings per share. On average, research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.36%. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

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.