Primoris Services Co. (NASDAQ:PRIM) Stock Position Lifted by Gotham Asset Management LLC

Gotham Asset Management LLC lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 125.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,910 shares of the construction company's stock after buying an additional 21,647 shares during the quarter. Gotham Asset Management LLC owned approximately 0.07% of Primoris Services worth $2,973,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PRIM. Alliancebernstein L.P. raised its holdings 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 valued at $101,628,000 after acquiring an additional 1,274,839 shares during the last quarter. Congress Asset Management Co. acquired a new position in Primoris Services in the 4th quarter valued at $48,851,000. Invesco Ltd. lifted its holdings in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after purchasing an additional 430,589 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Primoris Services by 97.4% in the 4th 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. Finally, Norges Bank acquired a new stake in Primoris Services during the 4th quarter worth $22,636,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now owns 7,377 shares of the company's stock, valued at $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred on 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 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 position. 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 over the last quarter. Company insiders own 1.40% of the company's stock.

Primoris Services Price Performance

Primoris Services stock traded down $0.52 during midday trading on Monday, reaching $74.98. The company's stock had a trading volume of 963,702 shares, compared to its average volume of 760,447. The firm has a market capitalization of $4.05 billion, a PE ratio of 24.83 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 stock's 50 day simple moving average is $61.92 and its 200 day simple moving average is $71.99. 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 (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates 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 was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.47 earnings per share. On average, equities research analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRIM shares. KeyCorp raised 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 initiated coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler boosted their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note 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. Based on data from MarketBeat, Primoris Services currently has an average 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.