AQR Capital Management LLC Has $7.73 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

AQR Capital Management LLC increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 112.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 101,192 shares of the construction company's stock after buying an additional 53,577 shares during the quarter. AQR Capital Management LLC owned about 0.19% of Primoris Services worth $7,731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. USA Financial Formulas acquired a new stake in shares of Primoris Services in the 4th quarter worth about $27,000. Farther Finance Advisors LLC increased its holdings in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after acquiring an additional 746 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after buying an additional 343 shares during the last quarter. Covestor Ltd boosted 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 acquiring an additional 910 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new stake in shares of Primoris Services during the 4th quarter worth $97,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price 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. DA Davidson restated a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. 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. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. Finally, Piper Sandler lifted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Primoris Services presently has an average rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Stock Up 3.6%

PRIM stock traded up $2.48 during mid-day trading on Monday, reaching $70.78. The company had a trading volume of 80,738 shares, compared to its average volume of 739,029. The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of 23.30 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 firm has a fifty day simple moving average of $60.82 and a 200 day simple moving average of $71.57. 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 - Get Free Report) last posted its quarterly earnings data 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 last year, the business earned $0.47 earnings per share. The business's revenue for the quarter was up 16.7% on a year-over-year basis. Analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.08 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. Primoris Services's payout ratio is currently 8.47%.

Insider Transactions at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, 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 SEC, which is accessible through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 over the last three months. Corporate insiders own 1.40% of the company's stock.

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.