Quantedge Capital Pte Ltd Sells 11,400 Shares of Primoris Services Co. (NASDAQ:PRIM)

Quantedge Capital Pte Ltd cut its holdings in Primoris Services Co. (NASDAQ:PRIM) by 57.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,300 shares of the construction company’s stock after selling 11,400 shares during the quarter. Quantedge Capital Pte Ltd’s holdings in Primoris Services were worth $634,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRIM. Vanguard Group Inc. raised its position in Primoris Services by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock valued at $477,112,000 after acquiring an additional 82,261 shares in the last quarter. Invesco Ltd. boosted its stake in Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after buying an additional 430,589 shares during the last quarter. Alliancebernstein L.P. raised its position in Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock valued at $101,628,000 after purchasing an additional 1,274,839 shares during the period. First Trust Advisors LP raised its position in Primoris Services by 15.8% in the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock valued at $87,023,000 after purchasing an additional 155,347 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after purchasing an additional 381,284 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

NASDAQ PRIM opened at $76.61 on Thursday. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The company has a market capitalization of $4.14 billion, a P/E ratio of 25.37 and a beta of 1.33. The business has a 50 day moving average price of $61.40 and a 200 day moving average price of $71.71. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last announced 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 analysts’ expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 EPS. Sell-side analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders 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 dividend yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio is presently 8.47%.

Analysts Set New Price Targets

Several research firms recently issued reports on PRIM. Piper Sandler boosted their price objective on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. upped their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. KeyCorp upped their price objective on Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. Finally, Guggenheim reaffirmed a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and a consensus target price of $85.75.

Insiders Place Their Bets

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This represents a 11.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock worth $4,310,043 over the last quarter. 1.40% of the stock is owned by corporate insiders.

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.