Castleark Management LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 81,170 shares of the construction company's stock, valued at approximately $6,201,000. Castleark Management LLC owned 0.15% of Primoris Services at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Primoris Services by 11.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 134,272 shares of the construction company's stock worth $10,258,000 after buying an additional 14,032 shares during the period. Wolverine Trading LLC acquired a new stake in Primoris Services during the 4th quarter worth $231,000. Virtus Investment Advisers Inc. increased its holdings in Primoris Services by 12.5% during the 4th quarter. Virtus Investment Advisers Inc. now owns 24,382 shares of the construction company's stock worth $1,863,000 after purchasing an additional 2,700 shares in the last quarter. Squarepoint Ops LLC increased its holdings in Primoris Services by 63.0% during the 4th quarter. Squarepoint Ops LLC now owns 122,640 shares of the construction company's stock worth $9,370,000 after purchasing an additional 47,391 shares in the last quarter. Finally, Two Sigma Advisers LP increased its holdings in Primoris Services by 24.8% during the 4th quarter. Two Sigma Advisers LP now owns 13,600 shares of the construction company's stock worth $1,039,000 after purchasing an additional 2,700 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.
Primoris Services Stock Up 2.0%
Shares of NASDAQ PRIM traded up $1.41 during mid-day trading on Friday, hitting $71.13. The company had a trading volume of 792,995 shares, compared to its average volume of 773,804. The company has a market capitalization of $3.84 billion, a PE ratio of 23.55 and a beta of 1.33. The firm has a 50-day simple moving average of $62.71 and a two-hundred day simple moving average of $72.09. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a one year low of $45.92 and a one year 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 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.28. The company 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%. Primoris Services's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.47 EPS. On average, equities analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.
Primoris Services Announces Dividend
The firm also recently declared 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 0.45%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is currently 8.47%.
Wall Street Analyst Weigh In
A number of research firms have issued reports on PRIM. KeyCorp increased their target price on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. JPMorgan Chase & Co. increased their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. DA Davidson reiterated a "buy" rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $85.75.
Check Out Our Latest Stock Analysis on PRIM
Insider Buying and Selling
In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. This trade represents a 26.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock worth $4,310,043. Company insiders own 1.40% of the company's stock.
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.
See Also
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
