Dark Forest Capital Management LP Increases Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Dark Forest Capital Management LP boosted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 189.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 34,680 shares of the construction company’s stock after buying an additional 22,684 shares during the quarter. Dark Forest Capital Management LP’s holdings in Primoris Services were worth $1,730,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Marshall Wace LLP acquired a new position in shares of Primoris Services during the second quarter valued at about $28,089,000. Norges Bank acquired a new position in Primoris Services during the 4th quarter valued at approximately $15,550,000. Victory Capital Management Inc. raised its holdings in shares of Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after buying an additional 327,412 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake 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 worth $17,395,000 after buying an additional 288,651 shares during the period. Finally, Verition Fund Management LLC increased its position 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. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of PRIM stock opened at $58.08 on Thursday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The business has a fifty day moving average of $53.95 and a 200 day moving average of $50.28. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 21.92 and a beta of 1.07. Primoris Services Co. has a 1 year low of $28.96 and a 1 year high of $60.26.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, August 5th. The construction company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 earnings per share. As a group, research analysts expect that Primoris Services Co. will post 2.82 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Friday, September 27th. Primoris Services’s dividend payout ratio (DPR) is currently 9.06%.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. The disclosure for this sale can be found here. Insiders have sold 54,391 shares of company stock worth $3,075,454 over the last 90 days. 1.40% of the stock is currently owned by company insiders.

Primoris Services Profile

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.