Cubist Systematic Strategies LLC Sells 32,970 Shares of Primoris Services Co. (NASDAQ:PRIM)

Cubist Systematic Strategies LLC decreased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 20.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 129,769 shares of the construction company's stock after selling 32,970 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.24% of Primoris Services worth $9,914,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of PRIM. USA Financial Formulas bought a new stake in shares of Primoris Services during the 4th quarter valued at $27,000. Farther Finance Advisors LLC increased its position in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. lifted its holdings in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after buying an additional 343 shares in 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 purchased a new position in Primoris Services during the fourth quarter valued at approximately $97,000. Institutional investors own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports 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 note on Wednesday, February 26th. DA Davidson reissued a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. 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. Piper Sandler lifted their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $85.75.

Insiders Place Their Bets

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction 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 trade 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 worth $4,310,043 over the last three months. Company insiders own 1.40% of the company's stock.

Primoris Services Price Performance

NASDAQ PRIM traded up $3.90 on Tuesday, reaching $74.75. 565,770 shares of the company's stock traded hands, compared to its average volume of 741,831. The stock has a market cap of $4.04 billion, a PE ratio of 24.75 and a beta of 1.33. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The stock has a 50-day simple moving average of $60.87 and a 200 day simple moving average of $71.64. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 2.68% and a return on equity of 15.23%. The firm's revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.47 EPS. As a group, research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is currently 8.47%.

Primoris Services 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.