New York State Common Retirement Fund Has $1.96 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

New York State Common Retirement Fund lessened its stake in Primoris Services Co. (NASDAQ:PRIM) by 21.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,117 shares of the construction company’s stock after selling 16,594 shares during the quarter. New York State Common Retirement Fund’s holdings in Primoris Services were worth $1,963,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PRIM. Lord Abbett & CO. LLC bought a new position in Primoris Services in the 3rd quarter valued at about $10,592,000. Foundry Partners LLC acquired a new position in Primoris Services during the third quarter valued at approximately $5,193,000. Heartland Advisors Inc. bought a new stake in Primoris Services during the third quarter worth $4,091,000. Van Berkom & Associates Inc. boosted its holdings in shares of Primoris Services by 5.9% in the 3rd quarter. Van Berkom & Associates Inc. now owns 2,124,148 shares of the construction company’s stock valued at $69,523,000 after purchasing an additional 117,414 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. bought a new position in shares of Primoris Services in the 3rd quarter valued at $2,749,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $47.79 on Thursday. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 20.60 and a beta of 1.14. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. The business’s 50-day moving average price is $43.41 and its 200-day moving average price is $36.65. Primoris Services Co. has a 12 month low of $23.70 and a 12 month high of $48.76.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, February 26th. The construction company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.64 by $0.21. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period last year, the company earned $0.93 EPS. The firm’s revenue was up 14.0% compared to the same quarter last year. Equities research analysts forecast that Primoris Services Co. will post 2.61 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Wednesday, March 27th. Primoris Services’s dividend payout ratio is presently 10.34%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PRIM. DA Davidson upped their price objective on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. UBS Group lifted their price target on shares of Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th. StockNews.com cut shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. Finally, The Goldman Sachs Group raised their target price on shares of Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $41.31, for a total value of $826,200.00. Following the completion of the transaction, the director now directly owns 217,281 shares of the company’s stock, valued at approximately $8,975,878.11. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Primoris Services news, CAO Travis L. Stricker sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the sale, the chief accounting officer now owns 9,068 shares of the company’s stock, valued at $362,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total transaction of $826,200.00. Following the completion of the sale, the director now directly owns 217,281 shares of the company’s stock, valued at approximately $8,975,878.11. The disclosure for this sale can be found here. Insiders have sold a total of 50,000 shares of company stock worth $2,040,125 over the last quarter. Company insiders own 1.30% of the company’s stock.

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.