Moore Capital Management LP Makes New $3.83 Million Investment in Primoris Services Co. (NASDAQ:PRIM)

Moore Capital Management LP acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 50,078 shares of the construction company's stock, valued at approximately $3,826,000. Moore Capital Management LP owned approximately 0.09% of Primoris Services at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. USA Financial Formulas acquired a new position in Primoris Services in the 4th quarter valued at about $27,000. Farther Finance Advisors LLC boosted its holdings in Primoris Services by 3,552.4% in 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 last quarter. Principal Securities Inc. lifted its holdings in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the last quarter. Covestor Ltd lifted its holdings 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 during the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new position in shares of Primoris Services in the 4th quarter worth approximately $97,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Up 0.0%

Shares of NASDAQ:PRIM traded up $0.03 during trading hours on Friday, reaching $75.52. The stock had a trading volume of 721,620 shares, compared to its average volume of 759,060. 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 firm's 50 day moving average is $61.70 and its 200-day moving average is $71.79. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 25.01 and a beta of 1.33. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted 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. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $0.47 EPS. Research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business 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 dividend yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. Piper Sandler upped their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. KeyCorp upped their target price 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. Finally, DA Davidson reaffirmed a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $85.75.

Insider Activity at Primoris Services

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

Primoris Services 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.