Point72 Asset Management L.P. Raises Position in Primoris Services Co. (NASDAQ:PRIM)

Point72 Asset Management L.P. boosted its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 261,800 shares of the construction company's stock after buying an additional 29,200 shares during the period. Point72 Asset Management L.P. owned approximately 0.49% of Primoris Services worth $15,205,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Portolan Capital Management LLC grew its stake in Primoris Services by 28.9% in the third quarter. Portolan Capital Management LLC now owns 163,090 shares of the construction company's stock valued at $9,472,000 after acquiring an additional 36,548 shares during the period. Millburn Ridgefield Corp acquired a new stake in Primoris Services in the 3rd quarter valued at $59,000. Jacobs Levy Equity Management Inc. grew its position in Primoris Services by 2.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 97,825 shares of the construction company's stock valued at $5,682,000 after purchasing an additional 2,313 shares during the period. Janus Henderson Group PLC increased its stake in Primoris Services by 29.9% during the 3rd quarter. Janus Henderson Group PLC now owns 91,932 shares of the construction company's stock valued at $5,340,000 after purchasing an additional 21,143 shares in the last quarter. Finally, Holocene Advisors LP acquired a new position in Primoris Services during the third quarter worth $3,290,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Down 0.4 %

Primoris Services stock traded down $0.34 during midday trading on Friday, hitting $82.65. 532,831 shares of the stock were exchanged, compared to its average volume of 613,606. The business's 50-day moving average price is $70.95 and its 200-day moving average price is $59.43. Primoris Services Co. has a 52-week low of $30.88 and a 52-week high of $84.97. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of 23.72 and a beta of 1.12. 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 (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.58 billion. During the same period in the prior year, the business posted $1.02 EPS. Primoris Services's quarterly revenue was up 7.8% compared to the same quarter last year. On average, research analysts expect that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services's dividend payout ratio is currently 7.95%.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 61,390 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Lee King sold 2,000 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares of the company's stock, valued at $1,965,782.52. The trade was a 7.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,409 shares of company stock valued at $4,930,428 in the last quarter. Company insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

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

Primoris Services 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.