Teachers Retirement System of The State of Kentucky Acquires New Holdings in Primoris Services Co. (NASDAQ:PRIM)

Teachers Retirement System of The State of Kentucky purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 19,246 shares of the construction company's stock, valued at approximately $1,470,000.

A number of other hedge funds also recently made changes to their positions in PRIM. JPMorgan Chase & Co. boosted its holdings in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after acquiring an additional 381,284 shares during the last quarter. 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 worth $6,187,000 after purchasing an additional 4,623 shares during the period. Harbor Capital Advisors Inc. lifted its stake in shares of Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after purchasing an additional 22,223 shares in the last quarter. AMI Asset Management Corp grew its holdings in shares of Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after purchasing an additional 6,350 shares during the period. Finally, Congress Asset Management Co. acquired a new stake in Primoris Services during the 4th quarter worth approximately $48,851,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports 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. DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler began coverage on Primoris Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Finally, KeyCorp dropped their price target on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $84.75.

Primoris Services Stock Up 5.7 %

Primoris Services stock traded up $3.63 during midday trading on Friday, hitting $67.48. The stock had a trading volume of 419,086 shares, compared to its average volume of 732,578. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average price of $61.23 and a 200 day moving average price of $71.23. Primoris Services Co. has a 12 month low of $45.69 and a 12 month high of $90.86. The stock has a market cap of $3.64 billion, a P/E ratio of 22.27 and a beta of 1.33.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services's dividend payout ratio is currently 9.64%.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 over the last ninety days. 1.40% of the stock is owned by insiders.

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.