Congress Asset Management Co. Has $43.97 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

Congress Asset Management Co. increased its stake in Primoris Services Co. (NASDAQ:PRIM) by 19.8% in the first quarter, Holdings Channel.com reports. The firm owned 765,843 shares of the construction company’s stock after purchasing an additional 126,430 shares during the quarter. Congress Asset Management Co.’s holdings in Primoris Services were worth $43,967,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its stake in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after buying an additional 347 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of 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 buying an additional 746 shares during the last quarter. Principal Securities Inc. boosted its stake in shares of Primoris Services by 63.2% during the 4th 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 boosted its stake in shares of Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after buying an additional 910 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Primoris Services during the 4th quarter worth about $97,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on PRIM. KeyCorp increased their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. DA Davidson reaffirmed a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim reaffirmed a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. Finally, Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Primoris Services has a consensus rating of “Moderate Buy” and an average target price of $85.75.

Primoris Services Stock Up 3.2%

Shares of PRIM opened at $76.05 on Friday. Primoris Services Co. has a 52 week low of $45.92 and a 52 week high of $90.86. The firm has a market cap of $4.11 billion, a P/E ratio of 25.18 and a beta of 1.37. The firm’s 50-day simple moving average is $65.00 and its 200 day simple moving average is $71.60. 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 (NASDAQ:PRIM) last announced its quarterly earnings results 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 business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the prior year, the business earned $0.47 EPS. Primoris Services’s quarterly revenue was up 16.7% on a year-over-year basis. On average, analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 dividend on an annualized basis and a yield of 0.42%. Primoris Services’s dividend payout ratio (DPR) is currently 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.