Aigen Investment Management LP Invests $303,000 in Primoris Services Co. (NASDAQ:PRIM)

Aigen Investment Management LP acquired a new position in Primoris Services Co. (NASDAQ:PRIM) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 9,127 shares of the construction company’s stock, valued at approximately $303,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. increased its position in Primoris Services by 121.5% in the 4th quarter. Victory Capital Management Inc. now owns 45,471 shares of the construction company’s stock valued at $1,510,000 after buying an additional 24,938 shares in the last quarter. Walleye Capital LLC increased its position in Primoris Services by 125.9% in the 3rd quarter. Walleye Capital LLC now owns 100,603 shares of the construction company’s stock valued at $3,293,000 after buying an additional 56,060 shares in the last quarter. Heartland Advisors Inc. increased its position in Primoris Services by 40.0% in the 4th quarter. Heartland Advisors Inc. now owns 175,000 shares of the construction company’s stock valued at $5,812,000 after buying an additional 50,000 shares in the last quarter. Barclays PLC increased its position in Primoris Services by 17.8% in the 3rd quarter. Barclays PLC now owns 13,632 shares of the construction company’s stock valued at $447,000 after buying an additional 2,062 shares in the last quarter. Finally, Essex Investment Management Co. LLC increased its position in Primoris Services by 14.2% in the 3rd quarter. Essex Investment Management Co. LLC now owns 282,449 shares of the construction company’s stock valued at $9,245,000 after buying an additional 35,079 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $54.67 on Friday. Primoris Services Co. has a twelve month low of $26.29 and a twelve month high of $54.74. The stock’s 50 day moving average price is $46.13 and its 200-day moving average price is $38.45. The company has a market capitalization of $2.93 billion, a PE ratio of 17.41 and a beta of 1.14. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.39. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the business earned $0.18 EPS. The company’s revenue was up 12.4% compared to the same quarter last year. On average, equities analysts anticipate that Primoris Services Co. will post 2.67 EPS for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.44%. Primoris Services’s payout ratio is 9.06%.

Insider Activity at Primoris Services

In related news, insider John M. Perisich sold 13,448 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $49.34, for a total value of $663,524.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider John M. Perisich sold 13,448 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $49.34, for a total value of $663,524.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Travis L. Stricker sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the transaction, the chief accounting officer now owns 9,068 shares in the company, valued at approximately $362,720. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 98,448 shares of company stock worth $4,506,249. Insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on PRIM shares. DA Davidson boosted their price objective on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. StockNews.com lowered Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. UBS Group boosted their price objective on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Finally, The Goldman Sachs Group boosted their price objective on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th.

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.