Trexquant Investment LP Raises Position in Primoris Services Co. (NASDAQ:PRIM)

Trexquant Investment LP raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 35.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 299,254 shares of the construction company’s stock after buying an additional 79,019 shares during the period. Trexquant Investment LP’s holdings in Primoris Services were worth $22,863,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRIM. Charles Schwab Investment Management Inc. boosted its holdings in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after acquiring an additional 91,235 shares during the period. Citigroup Inc. grew its position in shares of Primoris Services by 268.8% in the 3rd quarter. Citigroup Inc. now owns 76,058 shares of the construction company’s stock worth $4,417,000 after buying an additional 55,434 shares during the last quarter. Quantbot Technologies LP increased its stake in shares of Primoris Services by 196.6% during the third quarter. Quantbot Technologies LP now owns 15,872 shares of the construction company’s stock valued at $922,000 after buying an additional 10,521 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Primoris Services by 549.4% during the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after acquiring an additional 208,920 shares in the last quarter. Finally, CreativeOne Wealth LLC purchased a new stake in Primoris Services in the third quarter worth $340,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

NASDAQ PRIM opened at $57.39 on Tuesday. 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 has a market capitalization of $3.08 billion, a price-to-earnings ratio of 19.00 and a beta of 1.13. The stock has a 50-day moving average of $70.52 and a 200 day moving average of $71.69. Primoris Services Co. has a one year low of $40.74 and a one year high of $90.86.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. Primoris Services’s payout ratio is 9.64%.

Insider Activity at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction 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. Insiders have sold a total of 66,888 shares of company stock worth $4,310,043 over the last quarter. Company insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

PRIM has been the subject of several research reports. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, Guggenheim began coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $89.14.

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.