LMR Partners LLP Acquires Shares of 8,049 Primoris Services Co. (NASDAQ:PRIM)

LMR Partners LLP acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,049 shares of the construction company’s stock, valued at approximately $615,000.

A number of other institutional investors and hedge funds have also modified their holdings of PRIM. USA Financial Formulas purchased a new stake in shares of Primoris Services during the fourth quarter worth about $27,000. Farther Finance Advisors LLC increased its stake in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. increased its stake in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after purchasing an additional 343 shares in the last quarter. Covestor Ltd increased its stake in shares of Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock worth $71,000 after purchasing an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new stake in shares of Primoris Services during the fourth quarter worth about $97,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $76.79 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 25.43 and a beta of 1.33. The company’s 50-day moving average is $61.14 and its two-hundred day moving average is $71.67. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.28. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 EPS. Analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.42%. Primoris Services’s payout ratio is 8.47%.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction that occurred on 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 approximately $2,999,623.60. This represents a 56.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last ninety days. 1.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Piper Sandler boosted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. boosted 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. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. DA Davidson restated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, Guggenheim restated a “buy” rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.75.

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.