JPMorgan Chase & Co. Trims Stock Position in Primoris Services Co. (NASDAQ:PRIM)

JPMorgan Chase & Co. cut its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) 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. owned 0.73% of Primoris Services worth $22,727,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PRIM. Blue Trust Inc. lifted its position in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after acquiring an additional 197 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after purchasing an additional 230 shares in the last quarter. Arizona State Retirement System boosted its stake in Primoris Services by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company's stock worth $746,000 after purchasing an additional 294 shares during the period. Virtue Capital Management LLC grew its holdings in Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company's stock valued at $952,000 after buying an additional 342 shares in the last quarter. Finally, KBC Group NV grew its holdings 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. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PRIM shares. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective for the company. DA Davidson raised their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target for the company. UBS Group increased their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, Guggenheim initiated coverage on Primoris Services in a research report on Wednesday. They set a "buy" rating and a $102.00 target price for the company. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $88.67.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 61,390 shares of the company's stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David Lee King sold 2,000 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,018 shares of company stock valued at $1,854,974. Insiders own 1.30% of the company's stock.

Primoris Services Price Performance

PRIM traded up $0.64 during midday trading on Thursday, hitting $78.66. The stock had a trading volume of 335,848 shares, compared to its average volume of 468,050. Primoris Services Co. has a 1 year low of $31.22 and a 1 year high of $84.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The business has a fifty day moving average of $79.27 and a 200 day moving average of $63.54. The company has a market cap of $4.23 billion, a P/E ratio of 26.05 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The company 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 firm's revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 EPS. As a group, equities 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 disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. This is an increase from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is currently 10.60%.

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.