California State Teachers Retirement System Raises Stake in Primoris Services Corporation $PRIM

Key Points

• California State Teachers Retirement System increased its Primoris Services stake by 9,830.3% in the second quarter, owning 6.23 million shares worth about $617.9 million, or 11.58% of the company. Institutional investors collectively hold 91.82% of PRIM.
• Analysts maintain a generally positive view, with an overall “Moderate Buy” consensus and an average price target of $129.62, although several firms recently cut their targets. PRIM shares opened at $74.25, well below their 52-week high of $205.50.
• Primoris reported quarterly revenue of $1.69 billion, down 10.7% year over year, while its adjusted loss of $0.27 per share was better than the expected $0.35 loss. The company also declared a quarterly dividend of $0.08 per share, representing a 0.4% yield.

California State Teachers Retirement System lifted its stake in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 9,830.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,234,252 shares of the company's stock after purchasing an additional 6,171,472 shares during the quarter. California State Teachers Retirement System owned about 11.58% of Primoris Services worth $617,939,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PRIM. BlackRock Inc. acquired a new stake in shares of Primoris Services in the second quarter valued at about $677,685,000. Wellington Management Group LLP grew its position in Primoris Services by 148.7% during the second quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company's stock worth $463,434,000 after buying an additional 2,795,887 shares during the period. First Trust Advisors LP increased its holdings in Primoris Services by 47.4% in the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock valued at $412,837,000 after buying an additional 928,155 shares in the last quarter. Geode Capital Management LLC increased its holdings in Primoris Services by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company's stock valued at $164,526,000 after buying an additional 42,052 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its position in shares of Primoris Services by 0.5% during the 4th quarter. Westfield Capital Management Co. LP now owns 952,196 shares of the company's stock valued at $118,206,000 after acquiring an additional 4,888 shares during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PRIM. The Goldman Sachs Group raised Primoris Services from a "sell" rating to a "neutral" rating and dropped their price objective for the company from $107.00 to $102.00 in a research note on Thursday, June 25th. Needham & Company LLC dropped their price target on Primoris Services from $188.00 to $172.00 and set a "buy" rating for the company in a research report on Monday, July 13th. Weiss Ratings downgraded Primoris Services from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Guggenheim decreased their price objective on shares of Primoris Services from $162.00 to $127.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Finally, KeyCorp reiterated a "sector weight" rating on shares of Primoris Services in a research report on Tuesday, June 23rd. Eleven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Primoris Services has a consensus rating of "Moderate Buy" and an average price target of $129.62.

Primoris Services Price Performance

PRIM stock opened at $74.25 on Tuesday. The stock's 50 day moving average price is $81.33 and its 200 day moving average price is $113.56. The firm has a market cap of $4.00 billion, a P/E ratio of 29.12 and a beta of 1.43. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. Primoris Services Corporation has a 1 year low of $65.00 and a 1 year high of $205.50.

Primoris Services (NYSE:PRIM - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the business posted $1.68 earnings per share. Primoris Services's revenue was down 10.7% compared to the same quarter last year. On average, sell-side analysts expect that Primoris Services Corporation will post 1.79 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.4%. Primoris Services's payout ratio is presently 12.55%.

About Primoris Services

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.

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