LMR Partners LLP Invests $615,000 in Primoris Services Co. (NASDAQ:PRIM)

LMR Partners LLP bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 8,049 shares of the construction company's stock, valued at approximately $615,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRIM. USA Financial Formulas acquired a new position in Primoris Services during the 4th quarter worth about $27,000. Farther Finance Advisors LLC lifted its holdings in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. lifted its holdings in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after buying an additional 343 shares during the period. Covestor Ltd raised its position in shares of Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after acquiring an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Primoris Services in the 4th quarter worth about $97,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Stock Up 0.0%

Primoris Services stock traded up $0.03 during midday trading on Friday, reaching $75.52. The stock had a trading volume of 721,620 shares, compared to its average volume of 759,060. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The company has a market capitalization of $4.08 billion, a P/E ratio of 25.01 and a beta of 1.33. The company has a fifty day moving average price of $61.92 and a two-hundred day moving average price of $71.87. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, May 5th. The construction company reported $0.98 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 business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company posted $0.47 EPS. The firm's revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PRIM shares. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. DA Davidson reissued a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. KeyCorp lifted their price objective on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, Guggenheim reissued a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Primoris Services has an average rating of "Moderate Buy" and a consensus target price of $85.75.

Insider Activity at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the business'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 completion of the sale, the director now directly owns 7,377 shares of the company's stock, valued at approximately $501,636. The trade was a 11.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company's stock, valued at $858,868.64. This represents a 26.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 in the last three months. Corporate insiders own 1.40% of the company's stock.

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.