JPMorgan Chase & Co. Sells 73,002 Shares of Primoris Services Co. (NASDAQ:PRIM)

JPMorgan Chase & Co. lowered its stake in Primoris Services Co. (NASDAQ:PRIM) by 15.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 391,307 shares of the construction company’s stock after selling 73,002 shares during the period. JPMorgan Chase & Co. owned approximately 0.73% of Primoris Services worth $22,727,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its position in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after acquiring an additional 197 shares during the last quarter. Millburn Ridgefield Corp acquired a new stake in shares of Primoris Services during the third quarter valued at about $59,000. TD Private Client Wealth LLC increased its position in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after acquiring an additional 230 shares during the period. Finally, CWM LLC lifted its holdings in shares of Primoris Services by 37.5% during the third quarter. CWM LLC now owns 1,506 shares of the construction company’s stock worth $87,000 after purchasing an additional 411 shares during the period. Institutional investors own 91.82% of the company’s stock.

Insiders Place Their Bets

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock valued at $1,854,974 in the last three months. 1.30% of the stock is currently owned by insiders.

Primoris Services Stock Up 0.8 %

Shares of NASDAQ:PRIM opened at $78.66 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52-week low of $31.22 and a 52-week high of $84.97. The business’s 50 day simple moving average is $79.27 and its two-hundred day simple moving average is $63.54. The firm 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) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the company posted $1.02 earnings per share. The business’s revenue was up 7.8% on a year-over-year basis. As a group, research analysts forecast that Primoris Services Co. will post 3.47 EPS 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. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.41%. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PRIM shares. DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. Finally, UBS Group boosted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $88.67.

Primoris Services Company 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.