Cinctive Capital Management LP Has $1.82 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Cinctive Capital Management LP grew its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 69.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,322 shares of the construction company's stock after purchasing an additional 12,874 shares during the quarter. Cinctive Capital Management LP owned approximately 0.06% of Primoris Services worth $1,819,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Benjamin Edwards Inc. boosted its holdings in shares of Primoris Services by 40,543.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock valued at $378,000 after buying an additional 6,487 shares during the last quarter. Appian Way Asset Management LP increased its holdings in Primoris Services by 49.1% in the third quarter. Appian Way Asset Management LP now owns 107,431 shares of the construction company's stock worth $6,240,000 after purchasing an additional 35,367 shares in the last quarter. Martingale Asset Management L P purchased a new position in Primoris Services in the third quarter worth $873,000. Summit Partners Public Asset Management LLC lifted its position in shares of Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock valued at $48,779,000 after buying an additional 374,926 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Primoris Services by 0.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,240 shares of the construction company's stock worth $6,984,000 after acquiring an additional 733 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRIM shares. The Goldman Sachs Group boosted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective for the company. UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Finally, DA Davidson boosted their target price on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.50.

Insider Activity

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the business's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of the company's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now owns 162,281 shares of the company's stock, valued at $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,409 shares of company stock valued at $4,930,428. 1.30% of the stock is currently owned by company insiders.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded up $1.32 during midday trading on Wednesday, hitting $84.91. 661,970 shares of the company's stock were exchanged, compared to its average volume of 580,883. 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 Co. has a 12 month low of $30.88 and a 12 month high of $84.97. The company's 50 day moving average price is $69.41 and its 200 day moving average price is $58.86. The firm has a market capitalization of $4.56 billion, a PE ratio of 27.68 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company's quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 earnings per share. As a group, analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.38%. This is a boost from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio (DPR) is presently 10.60%.

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.