Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Jump Financial LLC

Jump Financial LLC cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 54.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake 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 purchasing an additional 381,284 shares during the period. QRG Capital Management Inc. increased its position in Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after buying an additional 4,623 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after buying an additional 22,223 shares during the last quarter. AMI Asset Management Corp boosted its holdings in Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after acquiring an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. purchased a new stake in shares of Primoris Services during the fourth quarter worth about $48,851,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Activity at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the 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 sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is currently owned by insiders.

Primoris Services Price Performance

NASDAQ PRIM traded up $1.15 during trading hours on Friday, hitting $60.59. 516,350 shares of the company's stock traded hands, compared to its average volume of 725,962. The company has a market capitalization of $3.27 billion, a PE ratio of 20.06 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 52-week low of $45.37 and a 52-week high of $90.86. The firm's 50-day moving average is $61.67 and its 200-day moving average is $71.21.

Primoris Services Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Guggenheim reiterated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. KeyCorp reduced their price target on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Primoris Services presently has an average rating of "Buy" and a consensus target price of $84.75.

About Primoris Services

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.