Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Quantedge Capital Pte Ltd

Quantedge Capital Pte Ltd reduced its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 57.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 quarter.

Several other large investors also recently added to or reduced their stakes in PRIM. JPMorgan Chase & Co. increased its stake in shares of Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after acquiring an additional 381,284 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after purchasing an additional 4,623 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Primoris Services by 74.3% in the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock worth $3,514,000 after purchasing an additional 19,530 shares in the last quarter. AMI Asset Management Corp boosted its holdings in Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after purchasing an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. bought a new stake in Primoris Services in the fourth quarter worth $48,851,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares of the company’s stock, valued at approximately $501,636. This represents a 11.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This trade represents a 26.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last ninety days. Insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

PRIM 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. 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 PE ratio of 25.37 and a beta of 1.33. The company has a fifty day moving average price of $61.40 and a two-hundred day moving average price of $71.71.

Primoris Services (NASDAQ:PRIM) 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. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. As a group, analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.42%. Primoris Services’s payout ratio is currently 8.47%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PRIM shares. Piper Sandler upped their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Jefferies Financial Group started coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. KeyCorp increased their price target on shares of Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Guggenheim reissued a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. raised their price objective 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. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $85.75.

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.