New York State Common Retirement Fund Sells 12,363 Shares of Primoris Services Co. (NASDAQ:PRIM)

New York State Common Retirement Fund cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 19.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 51,792 shares of the construction company's stock after selling 12,363 shares during the quarter. New York State Common Retirement Fund owned approximately 0.10% of Primoris Services worth $2,973,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after purchasing an additional 381,284 shares during the period. Allspring Global Investments Holdings LLC increased its position in Primoris Services by 34.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after purchasing an additional 3,561 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in Primoris Services in the first quarter worth about $231,000. SG Americas Securities LLC acquired a new position in shares of Primoris Services during the 1st quarter worth about $1,070,000. Finally, KBC Group NV grew its position in shares of Primoris Services by 24.5% during the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after buying an additional 558 shares during the period. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

Primoris Services stock opened at $86.94 on Wednesday. The company's 50 day moving average is $77.94 and its two-hundred day moving average is $71.53. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $4.69 billion, a PE ratio of 28.79 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the business posted $0.47 earnings per share. The company's revenue was up 16.7% on a year-over-year basis. On average, research analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date was Monday, June 30th. Primoris Services's dividend payout ratio is currently 8.47%.

Analyst Ratings Changes

A number of research analysts have commented on PRIM shares. Guggenheim reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, July 17th. KeyCorp increased their target price on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Janney Montgomery Scott assumed coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, Piper Sandler raised their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and an average price target of $91.56.

Insider Activity

In related news, Director John P. Schauerman sold 15,000 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the completion of the transaction, the director owned 102,281 shares in the company, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company's stock.

Primoris Services 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.

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