D. E. Shaw & Co. Inc. reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 19.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 72,681 shares of the construction company's stock after selling 17,234 shares during the period. D. E. Shaw & Co. Inc. owned approximately 0.14% of Primoris Services worth $5,553,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of PRIM. Vanguard Group Inc. boosted its holdings in Primoris Services by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after buying an additional 82,261 shares in the last quarter. Invesco Ltd. boosted its stake in Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after purchasing an additional 430,589 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after buying an additional 1,274,839 shares during the last quarter. First Trust Advisors LP lifted its stake in Primoris Services by 15.8% in the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after purchasing an additional 155,347 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after buying an additional 381,284 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.
Analysts Set New Price Targets
Several research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. 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 target for the company. Piper Sandler raised their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. KeyCorp upped their target price on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $85.75.
View Our Latest Analysis on PRIM
Primoris Services Stock Performance
Shares of PRIM stock traded down $0.40 during trading hours on Tuesday, hitting $74.82. The stock had a trading volume of 1,419,294 shares, compared to its average volume of 763,071. The stock's 50 day moving average is $62.11 and its 200 day moving average is $72.07. The firm has a market capitalization of $4.04 billion, a PE ratio of 24.77 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.
Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion during 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 company's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 earnings per share. As a group, research 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 disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.08 per share. 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 dividend payout ratio is currently 8.47%.
Insider Buying and Selling
In other news, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by insiders.
Primoris Services Profile
(
Free Report)
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.
Further Reading
Before you consider Primoris Services, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Primoris Services wasn't on the list.
While Primoris Services currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
