ExodusPoint Capital Management LP Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

ExodusPoint Capital Management LP bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 26,258 shares of the construction company's stock, valued at approximately $2,006,000.

Several other hedge funds have also bought and sold shares of PRIM. JPMorgan Chase & Co. grew its holdings in shares of Primoris Services by 97.4% during the 4th 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 period. QRG Capital Management Inc. grew its stake in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after buying an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Primoris Services by 12,845.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after buying an additional 22,223 shares during the last quarter. Benjamin Edwards Inc. grew its stake in shares of Primoris Services by 40,543.8% in the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock worth $378,000 after acquiring an additional 6,487 shares during the last quarter. Finally, AMI Asset Management Corp increased its holdings in shares of Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after acquiring an additional 6,350 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

PRIM has been the subject of several research analyst reports. DA Davidson reiterated 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 assumed coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price for the company. Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday. Piper Sandler assumed coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their target price 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 research analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $88.38.

Primoris Services Trading Up 0.9 %

NASDAQ:PRIM traded up $0.49 during trading hours on Monday, reaching $57.72. 57,368 shares of the stock were exchanged, compared to its average volume of 713,701. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 19.11 and a beta of 1.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average of $65.42 and a two-hundred day moving average of $71.49. Primoris Services Co. has a twelve month low of $42.82 and a twelve month high of $90.86.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.55%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Insider Buying and Selling at Primoris Services

In other 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 transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction on 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 transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, 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. Insiders have sold a total of 66,888 shares of company stock worth $4,310,043 over the last ninety days. Corporate insiders own 1.40% of the company's stock.

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.