Jump Financial LLC Lowers Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Jump Financial LLC trimmed its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 54.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 16,834 shares of the construction company's stock after selling 20,266 shares during the period. Jump Financial LLC's holdings in Primoris Services were worth $1,286,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PRIM. Alliancebernstein L.P. grew its stake in shares of Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock worth $101,628,000 after acquiring an additional 1,274,839 shares during the last quarter. Congress Asset Management Co. bought a new stake in shares of Primoris Services in the 4th quarter worth $48,851,000. Invesco Ltd. lifted its holdings in shares of Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after purchasing an additional 430,589 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after buying an additional 381,284 shares during the last quarter. Finally, Norges Bank purchased a new position in Primoris Services in the 4th quarter worth about $22,636,000. 91.82% of the stock is owned by institutional investors.

Insider Activity at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 over the last 90 days. 0.90% of the stock is owned by corporate insiders.

Primoris Services Price Performance

Primoris Services stock traded up $1.15 during midday trading on Friday, reaching $60.59. 304,065 shares of the stock traded hands, compared to its average volume of 908,836. 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 12 month low of $45.37 and a 12 month high of $90.86. The stock's fifty day moving average is $61.90 and its 200-day moving average is $71.22. The stock has a market cap of $3.27 billion, a P/E ratio of 20.06 and a beta of 1.17.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.53%. The ex-dividend date was Monday, March 31st. Primoris Services's dividend payout ratio is presently 9.64%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Jefferies Financial Group began coverage on Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. KeyCorp reduced their target price on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. One analyst has rated the stock with a hold rating, six 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 $84.75.

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.