Cubist Systematic Strategies LLC Purchases Shares of 38,985 Primoris Services Co. (NASDAQ:PRIM)

Cubist Systematic Strategies LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM – Get Rating) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 38,985 shares of the construction company’s stock, valued at approximately $634,000. Cubist Systematic Strategies LLC owned 0.07% of Primoris Services as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Benjamin F. Edwards & Company Inc. acquired a new stake in Primoris Services in the third quarter worth $63,000. Aigen Investment Management LP acquired a new position in Primoris Services during the 3rd quarter worth approximately $186,000. MQS Management LLC bought a new position in Primoris Services in the third quarter worth approximately $191,000. Ergoteles LLC bought a new position in Primoris Services in the third quarter worth approximately $205,000. Finally, Tower Research Capital LLC TRC grew its stake in Primoris Services by 568.7% in the third quarter. Tower Research Capital LLC TRC now owns 13,139 shares of the construction company’s stock valued at $213,000 after acquiring an additional 11,174 shares during the period. Institutional investors own 88.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRIM. Morgan Stanley cut their target price on Primoris Services from $30.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, November 16th. UBS Group lifted their price objective on shares of Primoris Services from $29.00 to $34.00 in a report on Wednesday. StockNews.com upgraded shares of Primoris Services from a “hold” rating to a “buy” rating in a report on Wednesday, March 1st. DA Davidson lifted their price target on Primoris Services from $27.00 to $34.00 in a research note on Thursday, March 2nd. Finally, The Goldman Sachs Group increased their price objective on Primoris Services from $20.00 to $22.50 and gave the stock a “sell” rating in a research note on Monday, March 6th.

Primoris Services Stock Down 2.9 %

PRIM opened at $25.63 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market capitalization of $1.36 billion, a P/E ratio of 10.38 and a beta of 1.25. Primoris Services Co. has a fifty-two week low of $15.90 and a fifty-two week high of $28.20. The company’s 50-day moving average is $25.47 and its 200 day moving average is $21.90.

Primoris Services (NASDAQ:PRIM – Get Rating) last released its earnings results on Monday, February 27th. The construction company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.06. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. Primoris Services had a return on equity of 13.06% and a net margin of 3.01%. Primoris Services’s quarterly revenue was up 50.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 earnings per share. Research analysts expect that Primoris Services Co. will post 2.6 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Thursday, March 30th. Primoris Services’s dividend payout ratio (DPR) is currently 9.72%.

Insider Activity at Primoris Services

In other Primoris Services news, Director David Lee King sold 10,000 shares of Primoris Services stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $27.36, for a total value of $273,600.00. Following the sale, the director now owns 32,354 shares of the company’s stock, valued at $885,205.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.40% of the stock is owned by company insiders.

Primoris Services Profile

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Primoris Services Corp. operates as a holding company, which engages in the provision of construction, fabrication, maintenance, replacement, and engineering services. It operates through the following segments: Utilities, Energy and Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems.