8,985 Shares in Primoris Services Corporation (NASDAQ:PRIM) Acquired by Jane Street Group LLC

Jane Street Group LLC acquired a new position in shares of Primoris Services Corporation (NASDAQ:PRIM) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 8,985 shares of the construction company’s stock, valued at approximately $264,000.

Several other institutional investors also recently modified their holdings of PRIM. Strs Ohio purchased a new stake in shares of Primoris Services during the 2nd quarter valued at $226,000. Schwab Charles Investment Management Inc. grew its stake in shares of Primoris Services by 9.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 286,635 shares of the construction company’s stock valued at $7,149,000 after buying an additional 25,404 shares during the period. Legal & General Group Plc grew its stake in shares of Primoris Services by 25.0% during the 2nd quarter. Legal & General Group Plc now owns 13,936 shares of the construction company’s stock valued at $347,000 after buying an additional 2,787 shares during the period. BNP Paribas Arbitrage SA grew its stake in shares of Primoris Services by 554.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after buying an additional 4,721 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Primoris Services by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after buying an additional 910 shares during the period. Hedge funds and other institutional investors own 70.46% of the company’s stock.

Shares of Primoris Services Corporation (PRIM) traded up $0.23 during trading hours on Friday, hitting $27.06. 90,768 shares of the company’s stock traded hands, compared to its average volume of 206,421. Primoris Services Corporation has a 12 month low of $21.83 and a 12 month high of $30.00. The firm has a market capitalization of $1,390.00, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.97 and a beta of 1.59. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.31 by $0.09. The company had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. Primoris Services’s revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.09 earnings per share. sell-side analysts anticipate that Primoris Services Corporation will post 1.13 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be issued a $0.06 dividend. The ex-dividend date is Thursday, December 28th. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.24 annualized dividend and a dividend yield of 0.89%. Primoris Services’s dividend payout ratio (DPR) is 19.35%.

A number of brokerages recently weighed in on PRIM. Zacks Investment Research raised shares of Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Saturday, October 14th. Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 price target (up from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. KeyCorp reissued a “hold” rating on shares of Primoris Services in a research report on Tuesday, September 19th. Canaccord Genuity restated a “buy” rating and issued a $30.00 target price on shares of Primoris Services in a research note on Tuesday, November 7th. Finally, BidaskClub lowered shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Saturday, January 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Primoris Services currently has an average rating of “Hold” and an average price target of $31.67.

In related news, CEO David Lee King sold 9,077 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $27.43, for a total transaction of $248,982.11. Following the completion of the sale, the chief executive officer now directly owns 6,242 shares in the company, valued at $171,218.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen C. Cook sold 3,980 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $27.82, for a total transaction of $110,723.60. Following the sale, the director now owns 10,502 shares of the company’s stock, valued at $292,165.64. The disclosure for this sale can be found here. Insiders sold 92,513 shares of company stock valued at $2,606,860 over the last quarter. Insiders own 24.00% of the company’s stock.

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Primoris Services Profile

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.

Institutional Ownership by Quarter for Primoris Services (NASDAQ:PRIM)

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