Horizons Wealth Management Buys 6,343 Shares of Primoris Services Corporation $PRIM

Horizons Wealth Management purchased a new stake in shares of Primoris Services Corporation (NYSE:PRIM) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 6,343 shares of the company’s stock, valued at approximately $473,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc grew its stake in Primoris Services by 73.5% in the third quarter. Versant Capital Management Inc now owns 864 shares of the company’s stock valued at $64,000 after purchasing an additional 366 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Primoris Services by 46.6% during the second quarter. Sequoia Financial Advisors LLC now owns 2,073 shares of the company’s stock valued at $205,000 after buying an additional 659 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Primoris Services during the 2nd quarter worth approximately $124,000. Nykredit A S purchased a new stake in Primoris Services during the second quarter valued at approximately $185,000. Finally, Corient Private Wealth LP boosted its stake in Primoris Services by 108.2% in the second quarter. Corient Private Wealth LP now owns 35,557 shares of the company’s stock valued at $3,524,000 after acquiring an additional 18,480 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Oppenheimer assumed coverage on Primoris Services in a report on Tuesday, July 7th. They set an “outperform” rating and a $135.00 price objective for the company. JPMorgan Chase & Co. raised Primoris Services from a “neutral” rating to an “overweight” rating and upped their target price for the company from $105.00 to $116.00 in a research report on Monday, June 29th. Weiss Ratings cut Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. UBS Group reissued a “neutral” rating on shares of Primoris Services in a report on Monday, August 10th. Finally, Piper Sandler began coverage on Primoris Services in a research note on Wednesday, September 9th. They set a “neutral” rating and a $90.00 price target on the stock. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $127.60.

Primoris Services Stock Performance

NYSE PRIM traded up $0.57 on Monday, reaching $79.65. 366,179 shares of the company’s stock traded hands, compared to its average volume of 1,398,227. The stock has a 50 day moving average price of $77.79 and a 200-day moving average price of $107.04. The firm has a market cap of $4.29 billion, a price-to-earnings ratio of 31.22 and a beta of 1.44. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. Primoris Services Corporation has a fifty-two week low of $65.00 and a fifty-two week high of $205.50.

Primoris Services (NYSE:PRIM) last posted its earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company earned $1.68 earnings per share. Primoris Services’s revenue for the quarter was down 10.7% compared to the same quarter last year. Equities research analysts predict that Primoris Services Corporation will post 1.77 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, September 30th. Primoris Services’s payout ratio is 12.55%.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides construction, maintenance and engineering services for critical infrastructure across the United States. The company serves markets including utilities, energy, power delivery, renewable energy, transportation and industrial facilities.

Its services include the construction and maintenance of electric transmission and distribution systems, natural gas and water infrastructure, pipelines, power-generation facilities, solar and renewable-energy projects, and other complex industrial assets.