AQR Capital Management LLC Sells 59,737 Shares of Primoris Services Co. (NASDAQ:PRIM)

AQR Capital Management LLC cut its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 49.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,326 shares of the construction company's stock after selling 59,737 shares during the quarter. AQR Capital Management LLC owned approximately 0.11% of Primoris Services worth $3,010,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Schroder Investment Management Group grew its position in shares of Primoris Services by 4.4% in the fourth quarter. Schroder Investment Management Group now owns 1,005,360 shares of the construction company's stock valued at $33,388,000 after purchasing an additional 41,983 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Primoris Services by 122.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company's stock worth $17,395,000 after buying an additional 288,651 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Primoris Services during the fourth quarter worth approximately $805,000. Allspring Global Investments Holdings LLC boosted its position in shares of Primoris Services by 9.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 14,941 shares of the construction company's stock valued at $636,000 after acquiring an additional 1,236 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Primoris Services by 339.4% in the first quarter. Principal Financial Group Inc. now owns 29,332 shares of the construction company's stock worth $1,249,000 after acquiring an additional 22,656 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $0.10 during trading on Tuesday, hitting $60.69. 595,797 shares of the stock were exchanged, compared to its average volume of 550,862. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 22.90 and a beta of 1.07. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. Primoris Services Co. has a 1-year low of $28.96 and a 1-year high of $61.93. The company's fifty day simple moving average is $54.66 and its 200-day simple moving average is $51.49.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.39. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the company earned $0.80 earnings per share. The business's revenue was up 10.6% compared to the same quarter last year. Sell-side analysts expect that Primoris Services Co. will post 2.82 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services's payout ratio is 9.06%.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,391 shares of company stock worth $3,075,454. Company insiders own 1.40% of the company's stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research note on Monday. They set an "overweight" rating and a $71.00 target price for the company. One equities 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.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $58.00.

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.