Graham Capital Management L.P. Has $1.85 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Graham Capital Management L.P. cut its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 45.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,170 shares of the construction company's stock after selling 20,007 shares during the quarter. Graham Capital Management L.P.'s holdings in Primoris Services were worth $1,847,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. raised its position in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after acquiring an additional 4,623 shares during the period. Hsbc Holdings PLC boosted its holdings in Primoris Services by 74.3% in the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after acquiring an additional 19,530 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after purchasing an additional 22,223 shares during the period. Finally, AMI Asset Management Corp raised its holdings in Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after purchasing an additional 6,350 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This represents a 26.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by insiders.

Primoris Services Stock Down 1.7%

NASDAQ PRIM traded down $1.34 during trading on Thursday, hitting $75.49. The stock had a trading volume of 1,056,229 shares, compared to its average volume of 756,516. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company's 50-day moving average price is $61.40 and its two-hundred day moving average price is $71.71. The company has a market capitalization of $4.08 billion, a PE ratio of 25.00 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same quarter in the prior year, the company posted $0.47 earnings per share. The firm's revenue was up 16.7% on a year-over-year basis. As a group, sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current 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 issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's payout ratio is presently 8.47%.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of recent research reports. Piper Sandler raised their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim reaffirmed a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Finally, KeyCorp boosted their price objective on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and an average target price of $85.75.

About Primoris Services

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.