Primoris Services Co. (NASDAQ:PRIM) Holdings Lowered by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in Primoris Services Co. (NASDAQ:PRIM) by 9.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,155 shares of the construction company’s stock after selling 6,739 shares during the quarter. New York State Common Retirement Fund’s holdings in Primoris Services were worth $4,901,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. USA Financial Formulas acquired a new position in shares of Primoris Services in the fourth quarter worth about $27,000. Nisa Investment Advisors LLC lifted its position in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. boosted its stake in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the period. Millburn Ridgefield Corp purchased a new position in Primoris Services during the 3rd quarter worth approximately $59,000. Finally, Principal Securities Inc. raised its stake in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRIM. JPMorgan Chase & Co. raised their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday. KeyCorp initiated coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, DA Davidson reissued a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $91.83.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $71.79 on Friday. The firm has a market capitalization of $3.86 billion, a PE ratio of 23.77 and a beta of 1.14. Primoris Services Co. has a 1-year low of $37.93 and a 1-year high of $90.86. The business’s 50 day moving average is $77.49 and its 200-day moving average is $69.76. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Primoris Services’s payout ratio is presently 9.64%.

Insider Buying and Selling at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company 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.