Point72 Asset Management L.P. Acquires 90,258 Shares of Primoris Services Co. (NASDAQ:PRIM)

Point72 Asset Management L.P. grew its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 34.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 352,058 shares of the construction company's stock after buying an additional 90,258 shares during the quarter. Point72 Asset Management L.P. owned 0.66% of Primoris Services worth $26,897,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC grew its holdings in shares of Primoris Services by 245.8% during the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after purchasing an additional 81,111 shares during the last quarter. USA Financial Formulas acquired a new position in shares of Primoris Services during the fourth quarter worth $27,000. AMI Asset Management Corp lifted its stake in shares of Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after acquiring an additional 6,350 shares during the last quarter. Dakota Wealth Management bought a new position in shares of Primoris Services in the 4th quarter valued at $539,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Primoris Services during the 4th quarter valued at $436,000. Institutional investors own 91.82% of the company's stock.

Insiders Place Their Bets

In other news, insider Jeremy Kinch sold 4,500 shares of the 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 completion of 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company's stock.

Primoris Services Trading Down 5.8%

PRIM stock traded down $4.34 during mid-day trading on Thursday, reaching $70.17. The company's stock had a trading volume of 602,495 shares, compared to its average volume of 766,414. The company has a market cap of $3.79 billion, a price-to-earnings ratio of 23.25 and a beta of 1.33. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The business's 50 day moving average price is $62.45 and its 200 day moving average price is $72.11. 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 earnings per share (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 for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the firm earned $0.47 earnings per share. Primoris Services's revenue was up 16.7% on a year-over-year basis. On average, equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

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. This represents a $0.32 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is currently 8.47%.

Analyst Upgrades and Downgrades

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

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.