Public Employees Retirement System of Ohio Invests $1.58 Million in Primoris Services Corporation $PRIM

Key Points

• Public Employees Retirement System of Ohio purchased 15,918 shares of Primoris Services worth approximately $1.58 million in the second quarter. Institutional investors collectively own 91.82% of PRIM.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and six Hold ratings, producing a consensus “Moderate Buy” rating and a $132.27 price target. Recent target reductions include Guggenheim to $127 and Mizuho to $117.
• Primoris reported quarterly revenue of $1.69 billion, down 10.7% year over year, while its adjusted loss of $0.27 per share beat expectations. The company also declared a quarterly dividend of $0.08 per share, yielding 0.4% annually.

Public Employees Retirement System of Ohio bought a new stake in Primoris Services Corporation (NYSE:PRIM - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,918 shares of the company's stock, valued at approximately $1,578,000.

Several other hedge funds also recently made changes to their positions in PRIM. Root Financial Partners LLC grew its position in Primoris Services by 43.1% in the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company's stock worth $33,000 after purchasing an additional 69 shares during the period. Cullen Frost Bankers Inc. lifted its holdings in shares of Primoris Services by 30.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company's stock valued at $43,000 after buying an additional 81 shares during the period. Covestor Ltd lifted its holdings in shares of Primoris Services by 13.4% during the 4th quarter. Covestor Ltd now owns 719 shares of the company's stock valued at $89,000 after buying an additional 85 shares during the period. IFP Advisors Inc boosted its stake in shares of Primoris Services by 18.6% in the 4th quarter. IFP Advisors Inc now owns 626 shares of the company's stock worth $78,000 after buying an additional 98 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in shares of Primoris Services by 2.5% in the 4th quarter. TD Private Client Wealth LLC now owns 4,183 shares of the company's stock worth $519,000 after buying an additional 101 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of research reports. Weiss Ratings cut Primoris Services from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Guggenheim dropped their target price on Primoris Services from $162.00 to $127.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Zacks Research upgraded Primoris Services from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Wolfe Research reaffirmed an "outperform" rating and set a $149.00 price target on shares of Primoris Services in a research report on Monday, June 15th. Finally, Mizuho reduced their price target on shares of Primoris Services from $135.00 to $117.00 and set an "outperform" rating for the company in a research report on Tuesday, June 23rd. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus price target of $132.27.

Primoris Services Trading Down 0.1%

Shares of PRIM stock opened at $74.37 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 29.16 and a beta of 1.43. Primoris Services Corporation has a 1 year low of $65.00 and a 1 year high of $205.50. The firm has a fifty day moving average price of $83.06 and a 200-day moving average price of $116.67.

Primoris Services (NYSE:PRIM - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the firm earned $1.68 EPS. Primoris Services's revenue for the quarter was down 10.7% compared to the same quarter last year. As a group, equities analysts predict that Primoris Services Corporation will post 1.76 earnings per share for the current year.

Primoris Services Announces Dividend

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

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.

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