Graham Capital Management L.P. Cuts Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Graham Capital Management L.P. lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 45.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,170 shares of the construction company’s stock after selling 20,007 shares during the period. Graham Capital Management L.P.’s holdings in Primoris Services were worth $1,847,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after purchasing an additional 381,284 shares during the period. QRG Capital Management Inc. raised its stake in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock valued at $6,187,000 after acquiring an additional 4,623 shares during the period. Hsbc Holdings PLC raised its stake in shares of Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock valued at $3,514,000 after acquiring an additional 19,530 shares during the period. Harbor Capital Advisors Inc. raised its stake in shares of Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after acquiring an additional 22,223 shares during the period. Finally, AMI Asset Management Corp raised its stake in shares of Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after acquiring an additional 6,350 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

Primoris Services stock opened at $68.37 on Monday. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 22.64 and a beta of 1.33. 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’s fifty day moving average price is $60.82 and its 200 day moving average price is $71.57.

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

Primoris Services Dividend Announcement

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

Insider Buying and Selling

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services 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 completion of the transaction, 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 sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PRIM. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. Guggenheim reissued a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Piper Sandler lifted their price target 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. Finally, KeyCorp lifted their price target on shares of Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Primoris Services has an average 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.