Trexquant Investment LP Grows Stake in Primoris Services Co. (NASDAQ:PRIM)

Trexquant Investment LP grew its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 35.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 299,254 shares of the construction company's stock after purchasing an additional 79,019 shares during the period. Trexquant Investment LP owned approximately 0.56% of Primoris Services worth $22,863,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PRIM. USA Financial Formulas bought a new stake in Primoris Services during the 4th quarter valued at $27,000. Farther Finance Advisors LLC grew its position in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. raised its stake in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after purchasing an additional 343 shares during the period. Millburn Ridgefield Corp purchased a new stake in Primoris Services during the 3rd quarter worth about $59,000. Finally, TD Private Client Wealth LLC boosted its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after purchasing an additional 230 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded down $2.49 during mid-day trading on Friday, reaching $52.75. 1,172,317 shares of the company were exchanged, compared to its average volume of 703,200. The stock has a market capitalization of $2.83 billion, a PE ratio of 17.47 and a beta of 1.13. 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 Co. has a 52 week low of $42.82 and a 52 week high of $90.86. The company's 50 day moving average price is $67.99 and its 200 day moving average price is $71.60.

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Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services's payout ratio is currently 9.64%.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $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. In the last three months, insiders have sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Guggenheim assumed coverage on Primoris Services in a research report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price target on the stock. DA Davidson reaffirmed a "buy" rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price target for the company. JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Finally, Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $89.14.

About Primoris Services

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.