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.
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.
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