Jane Street Group LLC Trims Stake in Primoris Services Co. (NASDAQ:PRIM)

Jane Street Group LLC lowered its position in Primoris Services Co. (NASDAQ:PRIM) by 61.1% in the 3rd quarter, Holdings Channel reports. The fund owned 55,893 shares of the construction company’s stock after selling 87,666 shares during the quarter. Jane Street Group LLC’s holdings in Primoris Services were worth $3,246,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRIM. Nisa Investment Advisors LLC boosted its stake in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares in the last quarter. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services in the 3rd quarter worth approximately $59,000. CWM LLC increased its position in Primoris Services by 37.5% during the 3rd quarter. CWM LLC now owns 1,506 shares of the construction company’s stock valued at $87,000 after buying an additional 411 shares in the last quarter. Finally, KBC Group NV increased its position in Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling

In other Primoris Services news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is owned by insiders.

Primoris Services Stock Up 0.8 %

Shares of Primoris Services stock opened at $80.65 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a twelve month low of $30.94 and a twelve month high of $84.97. The company has a market cap of $4.33 billion, a price-to-earnings ratio of 26.71 and a beta of 1.12. The company’s 50 day moving average is $74.62 and its 200 day moving average is $61.02.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the business posted $1.02 EPS. Research analysts anticipate that Primoris Services Co. will post 3.47 EPS for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 10.60%.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of recent research reports. JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. DA Davidson upped their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, UBS Group upped their price objective on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Primoris Services has an average rating of “Buy” and a consensus target price of $86.00.

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.