EMC Capital Management Reduces Stock Position in Primoris Services Co. (NASDAQ:PRIM)

EMC Capital Management lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 36.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,073 shares of the construction company's stock after selling 3,996 shares during the quarter. EMC Capital Management's holdings in Primoris Services were worth $540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PRIM. USA Financial Formulas purchased a new position in Primoris Services during the fourth quarter valued at $27,000. Nisa Investment Advisors LLC lifted its position in shares of Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock valued at $53,000 after acquiring an additional 197 shares during the period. Millburn Ridgefield Corp purchased a new stake in Primoris Services in the 3rd quarter worth approximately $59,000. Finally, TD Private Client Wealth LLC raised its stake in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after acquiring an additional 230 shares during the period. Institutional investors own 91.82% of the company's stock.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,018 shares of company stock worth $1,854,974. Insiders own 1.30% of the company's stock.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded down $1.37 during mid-day trading on Monday, reaching $75.40. The stock had a trading volume of 332,110 shares, compared to its average volume of 705,016. The business's 50 day moving average price is $80.63 and its 200 day moving average price is $67.30. Primoris Services Co. has a 1 year low of $33.40 and a 1 year high of $90.86. The company has a market cap of $4.05 billion, a P/E ratio of 24.85 and a beta of 1.14. 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 issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same period in the prior year, the firm earned $1.02 EPS. The company's revenue for the quarter was up 7.8% on a year-over-year basis. Research analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. UBS Group increased their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Primoris Services from $77.00 to $88.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 28th. Finally, DA Davidson boosted their price target on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $91.50.

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.