Brevan Howard Capital Management LP Invests $3.02 Million in Primoris Services Co. (NASDAQ:PRIM)

Brevan Howard Capital Management LP purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 39,539 shares of the construction company's stock, valued at approximately $3,021,000. Brevan Howard Capital Management LP owned about 0.07% of Primoris Services at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PRIM. 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 currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. KeyCorp raised their target price on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday. DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. One 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, the company presently has an average rating of "Moderate Buy" and a consensus target price of $85.75.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded down $0.11 during mid-day trading on Friday, hitting $68.37. 700,507 shares of the stock traded hands, compared to its average volume of 741,270. The company has a market cap of $3.69 billion, a PE ratio of 22.64 and a beta of 1.33. Primoris Services Co. has a twelve month low of $45.92 and a twelve month high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a 50 day simple moving average of $60.82 and a two-hundred day simple moving average of $71.43.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.47 earnings per share. As a group, equities research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm 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 dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.47%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Insider Activity at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were 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 directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 over the last three months. Company insiders own 0.90% of the company's stock.

About Primoris Services

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.