Millennium Management LLC Sells 444,495 Shares of Primoris Services Co. (NASDAQ:PRIM)

Millennium Management LLC lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 68.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201,165 shares of the construction company’s stock after selling 444,495 shares during the period. Millennium Management LLC owned approximately 0.37% of Primoris Services worth $15,369,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC lifted its holdings in shares of Primoris Services by 3,552.4% during the 4th 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 in the last quarter. Principal Securities Inc. lifted its holdings in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company’s stock valued at $71,000 after purchasing an additional 910 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Primoris Services during the 4th quarter valued at about $97,000. Finally, Venturi Wealth Management LLC bought a new position in shares of Primoris Services during the 4th quarter valued at about $143,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Down 6.5%

Shares of Primoris Services stock opened at $69.63 on Friday. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The stock has a market cap of $3.76 billion, a P/E ratio of 23.06 and a beta of 1.33. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average is $62.55 and its 200-day moving average is $72.15.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (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 analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the business posted $0.47 EPS. The business’s revenue was up 16.7% compared to the same quarter last year. Equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services’s payout ratio is presently 8.47%.

Insider Buying and Selling

In related news, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction that occurred on 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 approximately $858,868.64. The trade was a 26.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’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 value of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $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. In the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PRIM has been the topic of several research reports. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Piper Sandler boosted their target price on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. KeyCorp boosted their target price on Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Guggenheim restated a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. Finally, Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.