Primoris Services Co. (NASDAQ:PRIM) Position Cut by Yaupon Capital Management LP

Yaupon Capital Management LP trimmed its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 95.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,679 shares of the construction company's stock after selling 668,138 shares during the period. Yaupon Capital Management LP owned 0.06% of Primoris Services worth $2,420,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock worth $477,112,000 after purchasing an additional 82,261 shares in the last quarter. Invesco Ltd. grew its position in shares of Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after purchasing an additional 430,589 shares during the period. Alliancebernstein L.P. increased its stake in Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after purchasing an additional 1,274,839 shares during the last quarter. First Trust Advisors LP lifted its position in Primoris Services by 15.8% during the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after buying an additional 155,347 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after buying an additional 381,284 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Up 1.9 %

Shares of NASDAQ PRIM traded up $1.15 on Friday, hitting $60.59. The company had a trading volume of 516,350 shares, compared to its average volume of 725,961. The firm has a market capitalization of $3.27 billion, a P/E ratio of 20.06 and a beta of 1.17. Primoris Services Co. has a 12-month low of $45.37 and a 12-month high of $90.86. The business has a 50 day moving average of $61.67 and a two-hundred day moving average of $71.21. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.53%. Primoris Services's dividend payout ratio is currently 9.64%.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,888 shares of company stock worth $4,310,043. 0.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. KeyCorp cut their price objective on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. JPMorgan Chase & Co. increased their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Piper Sandler began coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price target for the company. Finally, Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Primoris Services has an average rating of "Buy" and a consensus price target of $84.75.

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.