Balyasny Asset Management L.P. Reduces Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Balyasny Asset Management L.P. decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 80.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,487 shares of the construction company’s stock after selling 294,185 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.13% of Primoris Services worth $5,309,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PRIM. USA Financial Formulas purchased a new stake in Primoris Services in the 4th quarter worth approximately $27,000. Farther Finance Advisors LLC lifted its holdings in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. Principal Securities Inc. increased its position in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares in the last quarter. Covestor Ltd raised its stake in Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock valued at $71,000 after buying an additional 910 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new stake in Primoris Services in the fourth quarter worth $97,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Down 0.2 %

Shares of NASDAQ:PRIM opened at $68.37 on Friday. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 22.64 and a beta of 1.33. 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 stock’s 50-day simple moving average is $60.82 and its two-hundred day simple moving average is $71.50.

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. 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 during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the prior year, the company earned $0.47 earnings per share. The firm’s revenue was up 16.7% on a year-over-year basis. Analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed 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. 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 0.47%. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price target 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. DA Davidson restated 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 started coverage on Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. Piper Sandler upped their price target on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Guggenheim reiterated a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a 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 company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.