Cinctive Capital Management LP Acquires 12,874 Shares of Primoris Services Co. (NASDAQ:PRIM)

Cinctive Capital Management LP raised its holdings in Primoris Services Co. (NASDAQ:PRIM) by 69.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 31,322 shares of the construction company’s stock after purchasing an additional 12,874 shares during the quarter. Cinctive Capital Management LP’s holdings in Primoris Services were worth $1,819,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its stake in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC raised its position in Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares during the last quarter. FSC Wealth Advisors LLC acquired a new position in Primoris Services during the 2nd quarter worth $70,000. Finally, Canton Hathaway LLC bought a new position in Primoris Services in the 2nd quarter valued at $100,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,409 shares of company stock valued at $4,762,468. 1.30% of the stock is owned by company insiders.

Primoris Services Price Performance

Shares of PRIM opened at $83.59 on Wednesday. The stock has a market cap of $4.49 billion, a P/E ratio of 27.68 and a beta of 1.12. Primoris Services Co. has a 1 year low of $30.88 and a 1 year high of $84.97. The stock’s 50-day moving average price is $69.41 and its two-hundred day moving average price is $58.86. 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 released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the firm earned $1.02 EPS. Primoris Services’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is currently 10.60%.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several research reports. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group upped their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. DA Davidson lifted their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. began coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.50.

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.