New York State Common Retirement Fund Has $1.96 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

New York State Common Retirement Fund trimmed its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 21.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,117 shares of the construction company's stock after selling 16,594 shares during the period. New York State Common Retirement Fund owned approximately 0.11% of Primoris Services worth $1,963,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC lifted its stake in shares of Primoris Services by 85.1% in the fourth quarter. CWM LLC now owns 855 shares of the construction company's stock valued at $28,000 after purchasing an additional 393 shares during the period. Group One Trading L.P. purchased a new stake in shares of Primoris Services during the 3rd quarter worth approximately $44,000. Federated Hermes Inc. acquired a new stake in shares of Primoris Services in the 4th quarter worth approximately $61,000. New York State Teachers Retirement System acquired a new stake in shares of Primoris Services in the 4th quarter worth approximately $159,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Primoris Services in the 3rd quarter valued at approximately $230,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. UBS Group lifted their target price on shares of Primoris Services from $44.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, April 5th. StockNews.com lowered Primoris Services from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 7th. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $38.00 to $43.00 and gave the company a "neutral" rating in a research note on Thursday, April 4th. Finally, DA Davidson raised their price target on shares of Primoris Services from $45.00 to $55.00 and gave the stock a "buy" rating in a research note on Thursday, April 4th.

Primoris Services Trading Up 4.9 %

Shares of PRIM traded up $2.36 during trading hours on Thursday, hitting $50.16. The stock had a trading volume of 1,141,075 shares, compared to its average volume of 502,911. Primoris Services Co. has a 12-month low of $23.70 and a 12-month high of $52.75. The firm has a market cap of $2.69 billion, a P/E ratio of 21.62 and a beta of 1.14. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.41. The company's fifty day simple moving average is $43.62 and its 200 day simple moving average is $36.74.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.39. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the business posted $0.18 EPS. The business's quarterly revenue was up 12.4% on a year-over-year basis. Equities research analysts forecast that Primoris Services Co. will post 2.61 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Wednesday, March 27th. Primoris Services's dividend payout ratio (DPR) is 10.34%.

Insider Activity at Primoris Services

In other Primoris Services news, CAO Travis L. Stricker sold 7,500 shares of the company's stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the transaction, the chief accounting officer now directly owns 9,068 shares of the company's stock, valued at approximately $362,720. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $41.31, for a total transaction of $826,200.00. Following the transaction, the director now owns 217,281 shares of the company's stock, valued at $8,975,878.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Travis L. Stricker sold 7,500 shares of the business's stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the sale, the chief accounting officer now directly owns 9,068 shares of the company's stock, valued at $362,720. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,000 shares of company stock valued at $2,040,125. Insiders own 1.30% 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.