CenterBook Partners LP Has $1.58 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

CenterBook Partners LP raised its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 34.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,465 shares of the construction company's stock after acquiring an additional 7,090 shares during the quarter. CenterBook Partners LP owned 0.05% of Primoris Services worth $1,577,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PRIM. JPMorgan Chase & Co. raised its stake in shares of Primoris Services by 97.4% during the 4th 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. Allspring Global Investments Holdings LLC increased its position in Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after purchasing an additional 3,561 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Primoris Services during the 1st quarter worth about $1,070,000. Cambridge Investment Research Advisors Inc. purchased a new stake in Primoris Services during the 1st quarter worth about $231,000. Finally, KBC Group NV increased its position in Primoris Services by 24.5% during the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after purchasing an additional 558 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Performance

Shares of PRIM stock traded down $0.63 during trading on Wednesday, reaching $85.44. The company had a trading volume of 757,665 shares, compared to its average volume of 785,517. The firm's 50 day simple moving average is $76.62 and its two-hundred day simple moving average is $71.28. 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 Co. has a one year low of $45.92 and a one year high of $90.86. The company has a market capitalization of $4.61 billion, a PE ratio of 28.29 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued 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 company had revenue of $1.65 billion for 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%. The company's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 EPS. Sell-side analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was Monday, June 30th. Primoris Services's payout ratio is presently 8.47%.

Wall Street Analyst Weigh In

Several analysts have commented on PRIM shares. Janney Montgomery Scott started coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target for the company. 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. KeyCorp increased their target price on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Piper Sandler raised their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.22.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the sale, the director owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.90% 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.