Citadel Advisors LLC Grows Stake in Primoris Services Corporation (PRIM)
Citadel Advisors LLC lifted its stake in shares of Primoris Services Corporation (NASDAQ:PRIM) by 87.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,526 shares of the construction company’s stock after purchasing an additional 62,767 shares during the period. Citadel Advisors LLC owned about 0.26% of Primoris Services worth $3,957,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its stake in shares of Primoris Services by 8.2% during the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after purchasing an additional 320 shares in the last quarter. First Quadrant L P CA boosted its position in Primoris Services by 109.4% during the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock worth $128,000 after acquiring an additional 2,276 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Primoris Services during the third quarter worth about $138,000. SG Americas Securities LLC acquired a new position in Primoris Services during the third quarter worth about $152,000. Finally, BNP Paribas Arbitrage SA boosted its position in Primoris Services by 554.1% during the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock worth $139,000 after acquiring an additional 4,721 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.
Primoris Services Corporation (NASDAQ:PRIM) opened at $27.89 on Friday. The firm has a market cap of $1,440.05, a PE ratio of 23.92, a P/E/G ratio of 2.33 and a beta of 1.59. Primoris Services Corporation has a 52-week low of $21.83 and a 52-week high of $30.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.41 and a current ratio of 1.49.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.86%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services’s payout ratio is presently 17.60%.
A number of research firms recently weighed in on PRIM. Zacks Investment Research upgraded shares of Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Saturday, October 14th. Seaport Global Securities restated a “buy” rating and set a $32.00 price target (up from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. KeyCorp restated a “hold” rating on shares of Primoris Services in a research report on Tuesday, September 19th. Canaccord Genuity restated a “buy” rating and set a $30.00 price target on shares of Primoris Services in a research report on Tuesday, November 7th. Finally, TheStreet upgraded shares of Primoris Services from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Primoris Services currently has a consensus rating of “Hold” and a consensus price target of $31.67.
In other Primoris Services news, Director Brian Pratt sold 105,734 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $28.20, for a total value of $2,981,698.80. Following the transaction, the director now directly owns 9,646,585 shares in the company, valued at approximately $272,033,697. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Peter J. Moerbeek sold 19,778 shares of the business’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the transaction, the chief financial officer now owns 43,346 shares in the company, valued at $1,256,600.54. The disclosure for this sale can be found here. Insiders sold a total of 1,548,356 shares of company stock worth $43,921,202 over the last quarter. 24.00% of the stock is currently owned by company insiders.
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Primoris Services Profile
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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