Jacobs Levy Equity Management Inc. Sells 124,663 Shares of Primoris Services Co. (NASDAQ:PRIM)

Jacobs Levy Equity Management Inc. decreased its holdings in Primoris Services Co. (NASDAQ:PRIM) by 63.5% in the first quarter, HoldingsChannel.com reports. The fund owned 71,677 shares of the construction company’s stock after selling 124,663 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Primoris Services were worth $3,051,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PRIM. BNP Paribas Financial Markets grew its position in shares of Primoris Services by 67.6% during the 4th quarter. BNP Paribas Financial Markets now owns 57,971 shares of the construction company’s stock valued at $1,925,000 after acquiring an additional 23,389 shares during the period. Victory Capital Management Inc. grew its holdings in Primoris Services by 121.5% during the 4th quarter. Victory Capital Management Inc. now owns 45,471 shares of the construction company’s stock valued at $1,510,000 after buying an additional 24,938 shares in the last quarter. Verition Fund Management LLC lifted its holdings in shares of Primoris Services by 64.9% in the fourth quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock worth $19,223,000 after buying an additional 227,916 shares in the last quarter. Heartland Advisors Inc. boosted its holdings in shares of Primoris Services by 40.0% during the 4th quarter. Heartland Advisors Inc. now owns 175,000 shares of the construction company’s stock valued at $5,812,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Primoris Services in the fourth quarter worth about $805,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Primoris Services news, insider John M. Perisich sold 13,448 shares of Primoris Services stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $49.34, for a total transaction of $663,524.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Carla S. Mashinski sold 3,883 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $53.92, for a total transaction of $209,371.36. Following the sale, the director now directly owns 20,454 shares of the company’s stock, valued at $1,102,879.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John M. Perisich sold 13,448 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $49.34, for a total transaction of $663,524.32. The disclosure for this sale can be found here. Insiders sold a total of 54,831 shares of company stock valued at $2,807,646 over the last 90 days. Insiders own 1.40% of the company’s stock.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $56.57 on Thursday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69. Primoris Services Co. has a 52 week low of $28.96 and a 52 week high of $57.72. The firm has a market capitalization of $3.03 billion, a P/E ratio of 21.35 and a beta of 1.08. The company has a 50 day moving average price of $52.73 and a 200 day moving average price of $45.40.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.39. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.38 billion. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The firm’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS. Sell-side analysts expect that Primoris Services Co. will post 2.67 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. UBS Group upped their price objective on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, April 5th. DA Davidson increased their price target on Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Finally, The Goldman Sachs Group upped their price target on shares of Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, April 4th.

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.