Dark Forest Capital Management LP Sells 23,624 Shares of Primoris Services Co. (NASDAQ:PRIM)

Dark Forest Capital Management LP cut its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 65.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,348 shares of the construction company's stock after selling 23,624 shares during the period. Dark Forest Capital Management LP's holdings in Primoris Services were worth $943,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Arizona State Retirement System lifted its holdings in Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock valued at $1,190,000 after purchasing an additional 131 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock valued at $505,000 after buying an additional 268 shares in the last quarter. HighTower Advisors LLC increased its position in Primoris Services by 5.3% during the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after buying an additional 268 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of Primoris Services by 5.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock worth $427,000 after buying an additional 313 shares in the last quarter. Finally, Principal Securities Inc. increased its position in 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 acquiring an additional 343 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. DA Davidson reaffirmed a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Piper Sandler started coverage on shares of Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective for the company. Finally, KeyCorp decreased their price target on Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $84.75.

Primoris Services Stock Up 0.5 %

Shares of Primoris Services stock traded up $0.29 during trading hours on Tuesday, reaching $61.50. The company's stock had a trading volume of 108,840 shares, compared to its average volume of 724,438. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock's fifty day simple moving average is $61.47 and its two-hundred day simple moving average is $71.36. The company has a market capitalization of $3.32 billion, a P/E ratio of 20.32 and a beta of 1.17. Primoris Services Co. has a one year low of $45.37 and a one year high of $90.86.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Insider Activity at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the 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 completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 over the last 90 days. Insiders own 1.40% of the company's stock.

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.