Schonfeld Strategic Advisors LLC Has $706,000 Stake in Primoris Services Co. (NASDAQ:PRIM)

Schonfeld Strategic Advisors LLC reduced its holdings in Primoris Services Co. (NASDAQ:PRIM) by 62.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,247 shares of the construction company’s stock after selling 15,558 shares during the quarter. Schonfeld Strategic Advisors LLC’s holdings in Primoris Services were worth $706,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. AQR Capital Management LLC increased its position in Primoris Services by 112.5% during the fourth quarter. AQR Capital Management LLC now owns 101,192 shares of the construction company’s stock worth $7,731,000 after acquiring an additional 53,577 shares during the period. Northern Trust Corp increased its holdings in shares of Primoris Services by 10.6% during the 4th quarter. Northern Trust Corp now owns 545,309 shares of the construction company’s stock worth $41,662,000 after purchasing an additional 52,168 shares during the period. Arosa Capital Management LP raised its position in shares of Primoris Services by 0.7% during the fourth quarter. Arosa Capital Management LP now owns 143,600 shares of the construction company’s stock valued at $10,971,000 after buying an additional 1,000 shares during the last quarter. Bolthouse Investments LLC bought a new stake in shares of Primoris Services in the fourth quarter valued at about $10,314,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Primoris Services during the fourth quarter worth about $6,707,000. 91.82% of the stock is currently owned by institutional investors.

Insider Transactions at Primoris Services

In other news, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 0.90% of the company’s stock.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $68.37 on Friday. The stock has a market capitalization of $3.69 billion, a P/E ratio of 22.64 and a beta of 1.33. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86. The firm has a 50 day moving average of $60.82 and a 200-day moving average of $71.43. 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) last posted its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the firm earned $0.47 earnings per share. The business’s revenue was up 16.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio is presently 8.47%.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. Piper Sandler raised their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday. KeyCorp upped their target price on shares of Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Guggenheim reaffirmed a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $85.75.

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.