Man Group plc Increases Holdings in Primoris Services Co. (NASDAQ:PRIM)

Man Group plc increased its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 37.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,688 shares of the construction company's stock after purchasing an additional 6,237 shares during the quarter. Man Group plc's holdings in Primoris Services were worth $1,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PRIM. Barclays PLC grew its position in shares of Primoris Services by 245.8% in the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock worth $6,628,000 after buying an additional 81,111 shares during the last quarter. Dakota Wealth Management purchased a new position in Primoris Services during the 4th quarter valued at $539,000. Janney Montgomery Scott LLC purchased a new stake in shares of Primoris Services in the 4th quarter worth about $436,000. Inspire Investing LLC boosted its stake in shares of Primoris Services by 118.7% during the 4th quarter. Inspire Investing LLC now owns 15,554 shares of the construction company's stock valued at $1,188,000 after purchasing an additional 8,443 shares in the last quarter. Finally, Apeiron RIA LLC bought a new position in Primoris Services in the fourth quarter worth about $205,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction dated Monday, March 17th. The stock was 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 directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares in the company, valued at $501,636. The trade was a 11.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,888 shares of company stock valued at $4,310,043. Company insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PRIM. Jefferies Financial Group started coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. KeyCorp raised their target price on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. Finally, DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Stock Performance

NASDAQ:PRIM traded up $1.81 during mid-day trading on Tuesday, hitting $72.89. 846,219 shares of the company traded hands, compared to its average volume of 774,094. The stock's fifty day moving average price is $62.83 and its 200-day moving average price is $71.97. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of 24.13 and a beta of 1.33.

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

Primoris Services Announces Dividend

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

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.