Appian Way Asset Management LP Trims Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Appian Way Asset Management LP lowered its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 94.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,331 shares of the construction company's stock after selling 101,100 shares during the period. Appian Way Asset Management LP's holdings in Primoris Services were worth $484,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new position in shares of Primoris Services in the fourth quarter valued at about $27,000. Farther Finance Advisors LLC grew its position 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 purchasing an additional 746 shares in the last quarter. Principal Securities Inc. increased its holdings in shares of 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 purchasing an additional 343 shares during the period. Covestor Ltd raised its position 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 stake in shares of Primoris Services in the fourth quarter valued at approximately $97,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PRIM shares. Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Piper Sandler started coverage on shares of Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 target price on the stock. KeyCorp cut their price target on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, DA Davidson reissued a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $84.75.

Primoris Services Price Performance

Primoris Services stock traded down $1.63 during mid-day trading on Tuesday, reaching $65.45. The company had a trading volume of 805,915 shares, compared to its average volume of 741,528. The business has a fifty day simple moving average of $61.02 and a 200 day simple moving average of $71.43. The company has a market cap of $3.53 billion, a P/E ratio of 21.79 and a beta of 1.33. 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 current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) 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. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $0.47 earnings per share. On average, equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.49%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Insider Buying and Selling

In related news, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director now owns 7,377 shares of the company's stock, valued at $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. The trade was a 26.34 % 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 valued at $4,310,043 over the last 90 days. 1.40% of the stock is owned by insiders.

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.