Millennium Management LLC Decreases Holdings in Primoris Services Co. (NASDAQ:PRIM)

Millennium Management LLC decreased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 68.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 201,165 shares of the construction company's stock after selling 444,495 shares during the quarter. Millennium Management LLC owned approximately 0.37% of Primoris Services worth $15,369,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Alliancebernstein L.P. increased its stake in shares of Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after acquiring an additional 1,274,839 shares during the period. Congress Asset Management Co. acquired a new stake in shares of Primoris Services in the fourth quarter valued at approximately $48,851,000. Invesco Ltd. grew its stake in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after acquiring an additional 430,589 shares during the period. JPMorgan Chase & Co. grew its stake in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after acquiring an additional 381,284 shares during the period. Finally, Norges Bank purchased a new position in Primoris Services during the fourth quarter worth approximately $22,636,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Activity

In other news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares in the company, valued at $858,868.64. This represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction dated Monday, March 17th. The shares were 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 of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by corporate insiders.

Primoris Services Price Performance

PRIM traded down $0.62 during midday trading on Wednesday, hitting $72.38. The company had a trading volume of 60,355 shares, compared to its average volume of 771,280. The company has a market capitalization of $3.91 billion, a PE ratio of 23.99 and a beta of 1.33. 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 twelve month low of $45.92 and a twelve month high of $90.86. The firm's 50-day simple moving average is $63.00 and its 200-day simple moving average is $71.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating 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 business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the firm earned $0.47 earnings per share. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. Equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Guggenheim restated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. 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. KeyCorp upped their price target on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Jefferies Financial Group assumed 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, JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $85.75.

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.