Y Intercept Hong Kong Ltd Acquires 6,834 Shares of Primoris Services Co. (NASDAQ:PRIM)

Y Intercept Hong Kong Ltd increased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 70.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,578 shares of the construction company's stock after purchasing an additional 6,834 shares during the period. Y Intercept Hong Kong Ltd's holdings in Primoris Services were worth $963,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Yaupon Capital Management LP raised its position in shares of Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after buying an additional 154,627 shares in the last quarter. EP Wealth Advisors LLC bought a new position in Primoris Services during the 3rd quarter worth $238,000. Point72 Asset Management L.P. raised its holdings in Primoris Services by 12.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 261,800 shares of the construction company's stock valued at $15,205,000 after acquiring an additional 29,200 shares in the last quarter. Portolan Capital Management LLC lifted its position in shares of Primoris Services by 28.9% during the 3rd 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. Finally, Millburn Ridgefield Corp bought a new stake in shares of Primoris Services during the 3rd quarter valued at $59,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Price Performance

Primoris Services stock traded down $0.35 during mid-day trading on Friday, reaching $79.40. The company had a trading volume of 301,206 shares, compared to its average volume of 581,502. The business has a fifty day simple moving average of $72.67 and a 200 day simple moving average of $60.15. The company has a market cap of $4.26 billion, a P/E ratio of 22.55 and a beta of 1.12. Primoris Services Co. has a fifty-two week low of $30.94 and a fifty-two week high of $84.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the business posted $1.02 EPS. Primoris Services's revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities research analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. This is an increase from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio is currently 7.95%.

Insider Activity at Primoris Services

In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company's stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the sale, the chief executive officer now owns 61,390 shares in the company, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,018 shares of company stock worth $3,336,224 in the last quarter. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. KeyCorp assumed coverage on Primoris Services in a research note on Wednesday. They issued an "overweight" rating and a $96.00 price target for the company. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an "overweight" rating and a $71.00 price target on the stock. UBS Group boosted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Finally, DA Davidson raised their target price on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $86.00.

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.