Tidal Investments LLC Trims Stock Position in Primoris Services Corporation $PRIM

Key Points

• Tidal Investments cut its Primoris Services stake by 82.3% in the second quarter, selling 21,303 shares and retaining 4,577 shares valued at approximately $454,000. Despite the reduction, institutional investors collectively own 91.82% of PRIM.
• Analyst sentiment remains broadly positive, with ten Buy ratings and seven Holds producing a “Moderate Buy” consensus and an average price target of $127.60. Recent targets range from $85 at Wells Fargo to $135 at Oppenheimer.
• PRIM shares opened at $76.40, well below their 52-week high of $205.50. The company reported quarterly revenue of $1.69 billion, down 10.7% year over year, while its quarterly loss per share was better than analysts expected; it also declared a $0.08-per-share quarterly dividend.

Tidal Investments LLC decreased its stake in Primoris Services Corporation (NYSE:PRIM - Free Report) by 82.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,577 shares of the company's stock after selling 21,303 shares during the period. Tidal Investments LLC's holdings in Primoris Services were worth $454,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PRIM. BlackRock Inc. purchased a new position in shares of Primoris Services during the second quarter worth about $677,685,000. Wellington Management Group LLP boosted its position in shares of Primoris Services by 148.7% in the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company's stock valued at $463,434,000 after purchasing an additional 2,795,887 shares during the period. First Trust Advisors LP grew its stake in Primoris Services by 47.4% during the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock worth $412,837,000 after buying an additional 928,155 shares during the last quarter. Geode Capital Management LLC grew its stake in Primoris Services by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company's stock worth $164,526,000 after buying an additional 42,052 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its position in Primoris Services by 0.5% during the fourth quarter. Westfield Capital Management Co. LP now owns 952,196 shares of the company's stock worth $118,206,000 after buying an additional 4,888 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PRIM. Wells Fargo & Company reduced their price objective on Primoris Services from $118.00 to $85.00 and set an "equal weight" rating for the company in a research note on Tuesday, June 23rd. Zacks Research upgraded shares of Primoris Services from a "strong sell" rating to a "hold" rating in a research report on Monday, August 24th. Oppenheimer began coverage on shares of Primoris Services in a report on Tuesday, July 7th. They issued an "outperform" rating and a $135.00 target price on the stock. Weiss Ratings downgraded shares of Primoris Services from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Finally, Roth Capital reiterated a "buy" rating and set a $100.00 price target on shares of Primoris Services in a research note on Monday, July 20th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $127.60.

Primoris Services Trading Down 0.7%

Shares of PRIM stock opened at $76.40 on Wednesday. The business's 50 day moving average is $80.01 and its two-hundred day moving average is $110.48. Primoris Services Corporation has a twelve month low of $65.00 and a twelve month high of $205.50. The company has a market capitalization of $4.11 billion, a P/E ratio of 29.96 and a beta of 1.43. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47.

Primoris Services (NYSE:PRIM - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The business had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the business earned $1.68 earnings per share. The company's quarterly revenue was down 10.7% compared to the same quarter last year. Equities analysts forecast that Primoris Services Corporation will post 1.78 EPS for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Primoris Services's dividend payout ratio is presently 12.55%.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.

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