Schonfeld Strategic Advisors LLC Sells 15,558 Shares of Primoris Services Co. (NASDAQ:PRIM)

Schonfeld Strategic Advisors LLC lessened its stake in Primoris Services Co. (NASDAQ:PRIM) by 62.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,247 shares of the construction company’s stock after selling 15,558 shares during the quarter. Schonfeld Strategic Advisors LLC’s holdings in Primoris Services were worth $706,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its position in shares of Primoris Services by 112.5% during the 4th quarter. AQR Capital Management LLC now owns 101,192 shares of the construction company’s stock worth $7,731,000 after buying an additional 53,577 shares during the period. Northern Trust Corp boosted its stake in Primoris Services by 10.6% during the 4th quarter. Northern Trust Corp now owns 545,309 shares of the construction company’s stock worth $41,662,000 after acquiring an additional 52,168 shares during the last quarter. Arosa Capital Management LP grew its holdings in Primoris Services by 0.7% during the fourth quarter. Arosa Capital Management LP now owns 143,600 shares of the construction company’s stock valued at $10,971,000 after purchasing an additional 1,000 shares during the period. Bolthouse Investments LLC bought a new stake in Primoris Services in the fourth quarter valued at approximately $10,314,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Primoris Services in the fourth quarter worth $6,707,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $68.37 on Friday. Primoris Services Co. has a 12 month low of $45.92 and a 12 month high of $90.86. The company’s fifty day simple moving average is $60.82 and its 200-day simple moving average is $71.43. The firm has a market cap of $3.69 billion, a PE ratio of 22.64 and a beta of 1.33. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter last year, the company earned $0.47 EPS. Primoris Services’s revenue for the quarter was up 16.7% compared to the same quarter last year. Equities research analysts expect that Primoris Services Co. will post 3.26 EPS 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. Investors of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.47%. Primoris Services’s dividend payout ratio is presently 8.47%.

Analysts Set New Price Targets

PRIM has been the subject of a number of recent analyst reports. Guggenheim restated a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. KeyCorp raised their price target on Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday. Piper Sandler boosted their price objective on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research report on Wednesday. DA Davidson restated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.75.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services 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 transaction, the insider now 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. Over the last three months, insiders have sold 66,888 shares of company stock worth $4,310,043. Insiders own 0.90% of the company’s stock.

Primoris Services Company 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.