39,539 Shares in Primoris Services Co. (NASDAQ:PRIM) Acquired by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 39,539 shares of the construction company’s stock, valued at approximately $3,021,000.

Several other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System lifted its holdings in shares of Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock valued at $1,190,000 after purchasing an additional 131 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Primoris Services by 4.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock valued at $505,000 after buying an additional 268 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after buying an additional 268 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in Primoris Services by 5.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company’s stock worth $427,000 after acquiring an additional 313 shares during the last quarter. Finally, Principal Securities Inc. lifted its position in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PRIM shares. Piper Sandler started coverage on Primoris Services in a report on Tuesday, April 8th. They issued an “overweight” rating and a $75.00 price objective on the stock. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. KeyCorp dropped 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. DA Davidson reissued a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $84.75.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $67.14 on Tuesday. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company’s fifty day moving average price is $61.02 and its 200 day moving average price is $71.43. The company has a market capitalization of $3.62 billion, a PE ratio of 22.23 and a beta of 1.33.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Insider Activity at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction 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 of the company’s stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now owns 7,377 shares of the company’s stock, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

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.