Cubist Systematic Strategies LLC Grows Position in Primoris Services Co. $PRIM

Key Points

• Cubist Systematic Strategies LLC increased its stake in Primoris Services by 227.5%, acquiring an additional 295,264 shares, bringing its total ownership to 425,033 shares valued at approximately $24.4 million.
• Institutional investors currently hold 91.82% of Primoris Services stock, with notable acquisitions from firms like Nuveen LLC and Fuller & Thaler Asset Management Inc. in the first quarter.
• Several analysts have updated their price targets for Primoris Services, with estimates ranging from $76.00 to $130.00, reflecting an overall consensus rating of "Moderate Buy".

Cubist Systematic Strategies LLC raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 227.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 425,033 shares of the construction company's stock after acquiring an additional 295,264 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.79% of Primoris Services worth $24,401,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Decade Renewable Partners LP acquired a new stake in shares of Primoris Services in the 1st quarter valued at about $1,023,000. Quarry LP boosted its position in shares of Primoris Services by 134.4% in the 1st quarter. Quarry LP now owns 1,268 shares of the construction company's stock valued at $73,000 after purchasing an additional 727 shares during the period. Twin Tree Management LP acquired a new stake in shares of Primoris Services in the 1st quarter valued at about $59,000. Magnetar Financial LLC acquired a new stake in shares of Primoris Services in the 1st quarter valued at about $2,043,000. Finally, BNP Paribas Financial Markets boosted its position in shares of Primoris Services by 15.2% in the 1st quarter. BNP Paribas Financial Markets now owns 562,017 shares of the construction company's stock valued at $32,265,000 after purchasing an additional 74,186 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

NASDAQ PRIM traded down $2.74 during mid-day trading on Tuesday, hitting $115.81. The stock had a trading volume of 1,089,443 shares, compared to its average volume of 924,525. Primoris Services Co. has a 52-week low of $48.33 and a 52-week high of $120.25. The company has a market cap of $6.26 billion, a price-to-earnings ratio of 38.35 and a beta of 1.44. The company has a 50 day simple moving average of $97.94 and a 200 day simple moving average of $77.36. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the business posted $1.04 EPS. Primoris Services's quarterly revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is presently 7.26%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. UBS Group upped their target price on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Janney Montgomery Scott initiated coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. Piper Sandler increased 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. JPMorgan Chase & Co. increased their price objective on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Finally, DA Davidson increased their price objective on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $102.78.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the transaction, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company's stock.

Primoris Services 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.