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

Jane Street Group LLC lessened its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 61.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 55,893 shares of the construction company's stock after selling 87,666 shares during the period. Jane Street Group LLC owned about 0.10% of Primoris Services worth $3,246,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Marshall Wace LLP bought a new position in Primoris Services in the second quarter valued at approximately $28,089,000. Summit Partners Public Asset Management LLC grew its stake in shares of Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock worth $48,779,000 after purchasing an additional 374,926 shares during the period. Victory Capital Management Inc. increased its holdings in Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company's stock valued at $18,285,000 after purchasing an additional 327,412 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Primoris Services by 549.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company's stock worth $14,343,000 after buying an additional 208,920 shares during the period. Finally, Decade Renewable Partners LP bought a new stake in shares of Primoris Services in the 2nd quarter valued at about $9,584,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now owns 7,908 shares in the company, valued at $621,015.24. This represents a 33.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,018 shares of company stock worth $1,854,974. Company insiders own 1.40% of the company's stock.

Primoris Services Stock Up 0.8 %

Shares of Primoris Services stock traded up $0.61 during trading hours on Friday, reaching $80.65. 1,082,758 shares of the company's stock were exchanged, compared to its average volume of 587,057. The company has a 50 day moving average of $74.62 and a two-hundred day moving average of $61.02. Primoris Services Co. has a fifty-two week low of $30.94 and a fifty-two week high of $84.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $4.33 billion, a P/E ratio of 26.71 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.02 earnings per share. On average, sell-side analysts forecast that Primoris Services Co. will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This is a positive change from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. Primoris Services's payout ratio is presently 10.60%.

Analysts Set New Price Targets

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

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.