Jane Street Group LLC Sells 87,666 Shares of Primoris Services Co. (NASDAQ:PRIM)

Jane Street Group LLC cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 61.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 55,893 shares of the construction company’s stock after selling 87,666 shares during the quarter. Jane Street Group LLC owned approximately 0.10% of Primoris Services worth $3,246,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Point72 Asset Management L.P. lifted its stake in shares of Primoris Services by 12.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 261,800 shares of the construction company’s stock valued at $15,205,000 after buying an additional 29,200 shares in the last quarter. Portolan Capital Management LLC lifted its position in shares of Primoris Services by 28.9% during the third quarter. Portolan Capital Management LLC now owns 163,090 shares of the construction company’s stock worth $9,472,000 after acquiring an additional 36,548 shares in the last quarter. Millburn Ridgefield Corp bought a new position in shares of Primoris Services in the third quarter worth $59,000. Jacobs Levy Equity Management Inc. grew its position in shares of Primoris Services by 2.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 97,825 shares of the construction company’s stock valued at $5,682,000 after purchasing an additional 2,313 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Primoris Services by 29.9% during the 3rd quarter. Janus Henderson Group PLC now owns 91,932 shares of the construction company’s stock valued at $5,340,000 after purchasing an additional 21,143 shares during the period. Institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Primoris Services Stock Performance

Primoris Services stock opened at $80.65 on Friday. Primoris Services Co. has a fifty-two week low of $30.94 and a fifty-two week high of $84.97. The firm’s fifty day moving average price is $74.62 and its 200-day moving average price is $61.02. The stock has a market cap of $4.33 billion, a P/E ratio of 26.71 and a beta of 1.12. 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 issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates 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 was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 earnings per share. On average, equities research analysts expect that Primoris Services Co. will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

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

Insider Buying and Selling at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 15,000 shares of the company’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 completion of the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at $4,989,779.20. This represents a 19.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 23,018 shares of company stock worth $1,854,974 over the last three months. Company insiders own 1.40% of the company’s stock.

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.