Point72 Europe London LLP acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 87,832 shares of the construction company's stock, valued at approximately $6,710,000. Point72 Europe London LLP owned about 0.16% of Primoris Services at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. ProShare Advisors LLC boosted its position in Primoris Services by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 15,054 shares of the construction company's stock worth $1,150,000 after purchasing an additional 4,953 shares during the last quarter. Man Group plc grew its stake in shares of Primoris Services by 37.9% during the 4th quarter. Man Group plc now owns 22,688 shares of the construction company's stock worth $1,733,000 after acquiring an additional 6,237 shares during the period. Nicholas Investment Partners LP lifted its holdings in Primoris Services by 3.7% during the fourth quarter. Nicholas Investment Partners LP now owns 119,841 shares of the construction company's stock valued at $9,156,000 after purchasing an additional 4,266 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Primoris Services by 5.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 736,740 shares of the construction company's stock valued at $56,287,000 after purchasing an additional 40,805 shares during the period. Finally, Moore Capital Management LP bought a new position in Primoris Services in the 4th quarter worth approximately $3,826,000. Hedge funds and other institutional investors own 91.82% of the company's stock.
Insider Buying and Selling
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 value of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now owns 12,586 shares in the company, valued at $858,868.64. This represents a 26.34% 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. 1.40% of the stock is owned by insiders.
Analyst Ratings Changes
Several brokerages have recently weighed in on PRIM. Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Piper Sandler boosted 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. Finally, KeyCorp increased their target price on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $85.75.
Check Out Our Latest Analysis on PRIM
Primoris Services Price Performance
PRIM stock opened at $76.61 on Thursday. 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 has a 50 day moving average price of $61.40 and a 200-day moving average price of $71.71. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of 25.37 and a beta of 1.33.
Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping 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 firm had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. The company's quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.
Primoris Services Announces Dividend
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 issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio is currently 8.47%.
Primoris Services Profile
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Free Report)
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.
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