Centiva Capital LP Makes New $306,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

Centiva Capital LP purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 4,001 shares of the construction company's stock, valued at approximately $306,000.

Other hedge funds have also made changes to their positions in the company. USA Financial Formulas acquired a new position in Primoris Services during the 4th quarter valued at $27,000. Farther Finance Advisors LLC increased its holdings 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 during the period. Principal Securities Inc. raised its position 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 valued at $68,000 after buying an additional 343 shares during the last quarter. Covestor Ltd lifted its stake 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 during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in Primoris Services during the fourth quarter worth about $97,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by insiders.

Primoris Services Price Performance

PRIM traded up $0.03 during trading on Friday, hitting $75.52. The company's stock had a trading volume of 721,620 shares, compared to its average volume of 757,397. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 25.01 and a beta of 1.33. The firm's 50 day moving average price is $61.70 and its two-hundred day moving average price is $71.79. Primoris Services Co. has a 12 month low of $45.92 and a 12 month 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 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 quarterly revenue was up 16.7% compared to the same quarter last year. During the same period last year, the company earned $0.47 EPS. Sell-side 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 given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. Primoris Services's payout ratio is presently 8.47%.

Wall Street Analyst Weigh In

PRIM has been the subject of several recent research reports. KeyCorp upped their price target on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. Jefferies Financial Group started coverage on shares of 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 boosted their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Primoris Services has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

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.