Man Group plc Boosts Position in Primoris Services Co. (NASDAQ:PRIM)

Man Group plc lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 37.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 22,688 shares of the construction company's stock after purchasing an additional 6,237 shares during the period. Man Group plc's holdings in Primoris Services were worth $1,733,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Arizona State Retirement System boosted its position 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 buying an additional 131 shares during the period. PNC Financial Services Group Inc. boosted its position in Primoris Services by 4.2% during 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 during the period. HighTower Advisors LLC boosted 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 valued at $406,000 after buying an additional 268 shares during the period. Summit Investment Advisors Inc. boosted its position in Primoris Services by 5.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after buying an additional 313 shares during the period. Finally, Principal Securities Inc. lifted its position in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after purchasing an additional 343 shares during the period. Institutional investors own 91.82% of the company's stock.

Primoris Services Trading Up 0.4%

PRIM stock traded up $0.32 during mid-day trading on Thursday, reaching $72.03. 122,481 shares of the stock traded hands, compared to its average volume of 771,888. 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 one year low of $45.92 and a one year high of $90.86. The stock has a market capitalization of $3.89 billion, a PE ratio of 23.85 and a beta of 1.33. The business has a 50-day moving average price of $63.16 and a two-hundred day moving average price of $71.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the prior year, the business posted $0.47 earnings per share. The business's revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is currently 8.47%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. DA Davidson reaffirmed a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp raised their target price on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target for the company. Finally, Piper Sandler increased their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and a consensus price target of $85.75.

Insider Activity at Primoris Services

In related 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 value of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34% 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. 0.90% of the stock is owned by insiders.

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.