Point72 Asset Management L.P. Reduces Holdings in Primoris Services Co. (NASDAQ:PRIM)

Point72 Asset Management L.P. lessened its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 26.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 232,600 shares of the construction company’s stock after selling 81,900 shares during the quarter. Point72 Asset Management L.P. owned about 0.43% of Primoris Services worth $11,604,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PRIM. Marshall Wace LLP acquired a new position in shares of Primoris Services in the 2nd quarter valued at $28,089,000. Norges Bank purchased a new position in Primoris Services during the fourth quarter worth about $15,550,000. Victory Capital Management Inc. increased its position in shares of Primoris Services by 837.3% during the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after acquiring an additional 327,412 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Primoris Services by 122.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock valued at $17,395,000 after acquiring an additional 288,651 shares during the last quarter. Finally, Verition Fund Management LLC raised its stake in shares of Primoris Services by 64.9% in the 4th quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock valued at $19,223,000 after acquiring an additional 227,916 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insiders Place Their Bets

In related news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the transaction, the director now owns 137,281 shares in the company, valued at $8,133,899.25. The disclosure for this sale can be found here. Insiders have sold a total of 54,391 shares of company stock worth $3,075,454 in the last quarter. 1.40% of the stock is owned by company insiders.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $58.09 on Tuesday. Primoris Services Co. has a fifty-two week low of $28.96 and a fifty-two week high of $60.26. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. The company has a 50 day moving average price of $54.18 and a 200 day moving average price of $50.72. The stock has a market capitalization of $3.12 billion, a P/E ratio of 21.92 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the previous year, the firm posted $0.80 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Equities research analysts forecast that Primoris Services Co. will post 2.82 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Friday, September 27th. Primoris Services’s dividend payout ratio is currently 9.06%.

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.