Jacobs Levy Equity Management Inc. Sells 12,601 Shares of Primoris Services Co. (NASDAQ:PRIM)

Jacobs Levy Equity Management Inc. cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 12.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,224 shares of the construction company’s stock after selling 12,601 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Primoris Services were worth $6,511,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after purchasing an additional 381,284 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock valued at $6,187,000 after purchasing an additional 4,623 shares during the period. Hsbc Holdings PLC raised its holdings in shares of Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock valued at $3,514,000 after purchasing an additional 19,530 shares during the period. AMI Asset Management Corp raised its holdings in shares of Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after purchasing an additional 6,350 shares during the period. Finally, Congress Asset Management Co. bought a new stake in shares of Primoris Services in the 4th quarter valued at about $48,851,000. 91.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on PRIM. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. Guggenheim reiterated a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Piper Sandler upped their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. KeyCorp upped their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $85.75.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM opened at $76.79 on Wednesday. The company’s 50 day moving average price is $61.14 and its two-hundred day moving average price is $71.67. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The firm has a market cap of $4.15 billion, a PE ratio of 25.43 and a beta of 1.33. 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 (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS. Equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Primoris Services’s dividend payout ratio is 8.47%.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares in the company, valued at $858,868.64. This represents a 26.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company’s stock.

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.