Teacher Retirement System of Texas Sells 12,412 Shares of Primoris Services Co. (NASDAQ:PRIM)

Teacher Retirement System of Texas reduced its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 31.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,148 shares of the construction company's stock after selling 12,412 shares during the period. Teacher Retirement System of Texas owned approximately 0.05% of Primoris Services worth $1,559,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Versant Capital Management Inc boosted its holdings in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares in the last quarter. Sound Income Strategies LLC acquired a new position in Primoris Services during the 1st quarter worth $45,000. Farther Finance Advisors LLC lifted its holdings in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after buying an additional 746 shares in the last quarter. Covestor Ltd lifted its holdings in Primoris Services by 4,550.0% during the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after buying an additional 910 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new position in Primoris Services in the fourth quarter valued at about $97,000. 91.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Janney Montgomery Scott began coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. Piper Sandler upped their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Guggenheim reiterated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. Finally, KeyCorp increased their target price on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and an average price target of $87.56.

Primoris Services Trading Up 1.9%

Primoris Services stock opened at $86.65 on Friday. Primoris Services Co. has a one year low of $45.92 and a one year high of $90.86. The company has a market cap of $4.68 billion, a price-to-earnings ratio of 28.69 and a beta of 1.37. The firm has a 50-day moving average of $75.42 and a 200-day moving average of $71.15. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $1.49 billion. During the same period last year, the business posted $0.47 EPS. Primoris Services's revenue was up 16.7% on a year-over-year basis. On average, equities analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.37%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.90% of the company's stock.

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.

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