Castleark Management LLC Purchases New Holdings in Primoris Services Co. (NASDAQ:PRIM)

Castleark Management LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 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.

Other hedge funds have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Primoris Services by 11.7% during the fourth 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 acquiring an additional 14,032 shares in the last quarter. Wolverine Trading LLC purchased a new stake in Primoris Services during the fourth quarter valued at about $231,000. Virtus Investment Advisers Inc. boosted its stake in shares of Primoris Services by 12.5% in the 4th quarter. Virtus Investment Advisers Inc. now owns 24,382 shares of the construction company's stock valued at $1,863,000 after purchasing an additional 2,700 shares in the last quarter. Squarepoint Ops LLC lifted its position in Primoris Services by 63.0% in the fourth quarter. Squarepoint Ops LLC now owns 122,640 shares of the construction company's stock valued at $9,370,000 after purchasing an additional 47,391 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Primoris Services by 24.8% in the fourth quarter. Two Sigma Advisers LP now owns 13,600 shares of the construction company's stock valued at $1,039,000 after acquiring an additional 2,700 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PRIM shares. Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. DA Davidson restated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. KeyCorp lifted their price objective on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Piper Sandler lifted 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. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Stock Up 1.9%

Shares of NASDAQ:PRIM traded up $1.38 on Tuesday, hitting $72.46. 148,895 shares of the company's stock were exchanged, compared to its average volume of 771,368. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The firm's 50-day moving average is $62.83 and its 200 day moving average is $71.97. The company has a market capitalization of $3.91 billion, a PE ratio of 23.99 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released 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 firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the business posted $0.47 EPS. Sell-side analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors 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 annualized dividend and a dividend yield of 0.44%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Insider Activity at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares of the company's stock, valued at $858,868.64. The trade was a 26.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 $2,999,623.60. This 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 valued at $4,310,043 in the last three months. Corporate 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.