Point72 Europe London LLP Invests $6.71 Million in Primoris Services Co. (NASDAQ:PRIM)

Point72 Europe London LLP purchased a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 87,832 shares of the construction company's stock, valued at approximately $6,710,000. Point72 Europe London LLP owned 0.16% of Primoris Services at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Barclays PLC lifted its position 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 acquiring an additional 81,111 shares during the period. Redhawk Wealth Advisors Inc. raised its stake in shares of Primoris Services by 6.0% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 36,294 shares of the construction company's stock worth $2,773,000 after buying an additional 2,045 shares during the last quarter. USA Financial Formulas acquired a new stake in Primoris Services in the 4th quarter valued at about $27,000. AMI Asset Management Corp increased 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 valued at $1,456,000 after acquiring an additional 6,350 shares in the last quarter. Finally, Dakota Wealth Management purchased a new stake in shares of Primoris Services in the fourth quarter valued at about $539,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Up 0.2%

Shares of NASDAQ:PRIM traded up $0.18 during trading on Tuesday, reaching $75.40. 260,141 shares of the stock were exchanged, compared to its average volume of 952,984. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The firm's 50-day moving average price is $62.11 and its 200 day moving average price is $72.07. 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 market cap of $4.07 billion, a price-to-earnings ratio of 24.97 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.49 billion. During the same period in the prior year, the company earned $0.47 EPS. The firm's revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

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

Analyst Ratings Changes

PRIM has been the topic of a number of recent research reports. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. lifted their price target 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. DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler upped their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, KeyCorp upped their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $85.75.

Insider Transactions at Primoris Services

In other Primoris Services 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 sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. 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.