Squarepoint Ops LLC Purchases 47,391 Shares of Primoris Services Co. (NASDAQ:PRIM)

Squarepoint Ops LLC increased its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 63.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 122,640 shares of the construction company's stock after purchasing an additional 47,391 shares during the quarter. Squarepoint Ops LLC owned approximately 0.23% of Primoris Services worth $9,370,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arizona State Retirement System lifted its position in Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock worth $1,190,000 after purchasing an additional 131 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Primoris Services by 4.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock valued at $505,000 after acquiring an additional 268 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock valued at $406,000 after acquiring an additional 268 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of Primoris Services by 5.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after acquiring an additional 313 shares during the period. Finally, Principal Securities Inc. lifted its holdings in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares during the period. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $0.34 during trading on Thursday, reaching $72.05. 143,690 shares of the company traded hands, compared to its average volume of 771,984. The firm has a market capitalization of $3.89 billion, a PE ratio of 23.86 and a beta of 1.33. Primoris Services Co. has a 52 week low of $45.92 and a 52 week 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 company's 50 day moving average is $63.16 and its two-hundred day moving average is $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, beating analysts' consensus estimates of $0.70 by $0.28. The business had revenue of $1.65 billion during 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%. Primoris Services's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 earnings per share. As a group, sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.08 dividend. 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 (DPR) is presently 8.47%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. KeyCorp lifted their price objective on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Piper Sandler lifted their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report 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, Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company 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 firm'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 sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the firm'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 sale, the director now directly owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $4,310,043 over the last ninety days. 0.90% of the stock is owned by corporate insiders.

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.