Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Dark Forest Capital Management LP

Dark Forest Capital Management LP lessened its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 65.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,348 shares of the construction company's stock after selling 23,624 shares during the period. Dark Forest Capital Management LP's holdings in Primoris Services were worth $943,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PRIM. JPMorgan Chase & Co. raised its stake in Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the period. QRG Capital Management Inc. lifted 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 valued at $6,187,000 after acquiring an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after acquiring an additional 22,223 shares during the period. AMI Asset Management Corp increased its stake in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after acquiring an additional 6,350 shares during the last quarter. Finally, Congress Asset Management Co. purchased a new stake in Primoris Services in the fourth quarter valued at $48,851,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PRIM shares. Guggenheim reissued a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. Piper Sandler began coverage on shares of Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price objective on the stock. DA Davidson reiterated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp decreased their price target on Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. increased their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $84.75.

Primoris Services Stock Up 1.9 %

Primoris Services stock traded up $1.15 during midday trading on Friday, reaching $60.59. The company's stock had a trading volume of 516,350 shares, compared to its average volume of 727,605. The business has a 50-day simple moving average of $61.67 and a 200-day simple moving average of $71.28. The company has a market cap of $3.27 billion, a P/E ratio of 20.06 and a beta of 1.17. Primoris Services Co. has a fifty-two week low of $45.37 and a fifty-two week high of $90.86. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.53%. Primoris Services's dividend payout ratio is currently 9.64%.

Insiders Place Their Bets

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the business'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 value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm'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 transaction of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. 0.90% 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.