Squarepoint Ops LLC boosted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 63.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 122,640 shares of the construction company's stock after buying an additional 47,391 shares during the quarter. Squarepoint Ops LLC owned approximately 0.23% of Primoris Services worth $9,370,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after buying an additional 82,261 shares during the period. Invesco Ltd. boosted its stake in Primoris Services by 27.5% during 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 last quarter. Alliancebernstein L.P. grew its holdings in 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 valued at $101,628,000 after purchasing an additional 1,274,839 shares during the period. First Trust Advisors LP grew its holdings in Primoris Services by 15.8% during the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock valued at $87,023,000 after purchasing an additional 155,347 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after purchasing an additional 381,284 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.
Wall Street Analyst Weigh In
PRIM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted 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. DA Davidson reiterated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Piper Sandler raised their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. KeyCorp lifted their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, Guggenheim reissued a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $85.75.
Check Out Our Latest Analysis on Primoris Services
Insider Transactions at Primoris Services
In other news, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares of the company's stock, valued at $501,636. This represents a 11.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction on 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 directly owns 12,586 shares of the company's stock, valued at $858,868.64. The trade was a 26.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last quarter. 0.90% of the stock is currently owned by company insiders.
Primoris Services Trading Down 1.9%
Primoris Services stock traded down $1.36 during trading hours on Wednesday, hitting $71.63. The stock had a trading volume of 495,041 shares, compared to its average volume of 772,984. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 23.72 and a beta of 1.33. 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 business's 50 day simple moving average is $63.00 and its 200-day simple moving average is $71.97. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86.
Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping 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 period last year, the company earned $0.47 EPS. Primoris Services's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.
Primoris Services Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is 8.47%.
Primoris Services Company Profile
(
Free Report)
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.
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