Balyasny Asset Management L.P. Decreases Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Balyasny Asset Management L.P. lessened its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 80.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 69,487 shares of the construction company's stock after selling 294,185 shares during the period. Balyasny Asset Management L.P. owned about 0.13% of Primoris Services worth $5,309,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 97.4% during the 4th 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 in the last quarter. QRG Capital Management Inc. boosted its position in shares of Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after purchasing an additional 4,623 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Primoris Services by 74.3% during the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after purchasing an additional 19,530 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after purchasing an additional 22,223 shares in the last quarter. Finally, AMI Asset Management Corp boosted its position in shares of Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after purchasing an additional 6,350 shares in the last quarter. Institutional investors own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PRIM shares. KeyCorp upped their target price on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. Piper Sandler upped their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Guggenheim reaffirmed a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Finally, DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $85.75.

Insider Transactions at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction 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 approximately $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction on 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 sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. This represents a 56.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 over the last three months. Company insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

Shares of PRIM traded up $0.46 on Friday, reaching $75.95. 177,561 shares of the company's stock traded hands, compared to its average volume of 755,339. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $4.10 billion, a PE ratio of 25.14 and a beta of 1.33. The stock's 50 day simple moving average is $61.70 and its two-hundred day simple moving average is $71.79. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company earned $0.47 earnings per share. Primoris Services's revenue was up 16.7% compared to the same quarter last year. On average, analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is currently 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.