Two Sigma Investments LP Buys 9,914 Shares of Primoris Services Co. (NASDAQ:PRIM)

Two Sigma Investments LP raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 32.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,253 shares of the construction company's stock after acquiring an additional 9,914 shares during the period. Two Sigma Investments LP owned approximately 0.07% of Primoris Services worth $3,075,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its position in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after purchasing an additional 746 shares during the period. Principal Securities Inc. increased its position in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after purchasing an additional 343 shares during the period. Covestor Ltd increased its position in shares of Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after purchasing an additional 910 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in shares of Primoris Services during the 4th quarter valued at $97,000. Finally, Venturi Wealth Management LLC acquired a new position in shares of Primoris Services during the 4th quarter valued at $143,000. Institutional investors own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related 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 transaction 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 SEC, which is available at this link. Corporate insiders own 1.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. KeyCorp lifted their target price on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. lifted their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Piper Sandler lifted their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.75.

Primoris Services Stock Down 0.5%

PRIM traded down $0.39 during trading on Wednesday, reaching $73.13. 581,878 shares of the stock traded hands, compared to its average volume of 772,446. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 24.22 and a beta of 1.33. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock's 50-day simple moving average is $64.30 and its two-hundred day simple moving average is $71.73.

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

Primoris Services Dividend Announcement

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

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.