Trexquant Investment LP Acquires 79,019 Shares of Primoris Services Co. (NASDAQ:PRIM)

Trexquant Investment LP lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 35.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 299,254 shares of the construction company’s stock after purchasing an additional 79,019 shares during the period. Trexquant Investment LP owned about 0.56% of Primoris Services worth $22,863,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRIM. USA Financial Formulas bought a new stake in Primoris Services in the fourth quarter worth about $27,000. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services in the 3rd quarter worth approximately $59,000. Farther Finance Advisors LLC lifted its stake in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. Principal Securities Inc. grew its holdings in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares during the period. Finally, TD Private Client Wealth LLC increased its position in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by company insiders.

Primoris Services Price Performance

PRIM stock opened at $57.39 on Tuesday. The firm has a 50 day moving average of $70.52 and a 200-day moving average of $71.69. The firm has a market capitalization of $3.08 billion, a P/E ratio of 19.00 and a beta of 1.13. Primoris Services Co. has a 12 month low of $40.74 and a 12 month high of $90.86. 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 Dividend Announcement

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

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.