JPMorgan Chase & Co. Sells 73,002 Shares of Primoris Services Co. (NASDAQ:PRIM)

JPMorgan Chase & Co. cut its holdings in Primoris Services Co. (NASDAQ:PRIM) by 15.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 391,307 shares of the construction company’s stock after selling 73,002 shares during the period. JPMorgan Chase & Co.’s holdings in Primoris Services were worth $22,727,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Nisa Investment Advisors LLC boosted its position in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares during the period. Blue Trust Inc. lifted its stake in 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 position in Primoris Services in the 3rd quarter valued at $59,000. TD Private Client Wealth LLC boosted its holdings in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares during the period. Finally, CWM LLC grew its position in shares of 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 purchasing an additional 411 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PRIM shares. JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group boosted their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. UBS Group raised their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. Finally, DA Davidson increased their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Primoris Services has a consensus rating of “Buy” and an average target price of $88.67.

Primoris Services Stock Up 0.8 %

PRIM stock opened at $78.66 on Thursday. Primoris Services Co. has a fifty-two week low of $31.22 and a fifty-two week high of $84.97. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 26.05 and a beta of 1.14. The business’s 50 day moving average price is $79.27 and its two-hundred day moving average price is $63.54. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

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

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. The ex-dividend date is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is currently 10.60%.

Insider Buying and Selling

In other news, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the transaction, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,018 shares of company stock worth $1,854,974 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Primoris Services Company 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.