Arizona State Retirement System Acquires 523 Shares of Primoris Services Co. (NASDAQ:PRIM)

Arizona State Retirement System raised its position in shares of Primoris Services Co. (NASDAQ:PRIM – Get Rating) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,015 shares of the construction company’s stock after purchasing an additional 523 shares during the quarter. Arizona State Retirement System’s holdings in Primoris Services were worth $329,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. SummerHaven Investment Management LLC lifted its holdings in Primoris Services by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 36,564 shares of the construction company’s stock worth $802,000 after purchasing an additional 530 shares in the last quarter. First Republic Investment Management Inc. grew its position in Primoris Services by 5.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 11,585 shares of the construction company’s stock valued at $252,000 after acquiring an additional 562 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its position in Primoris Services by 16.4% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 4,532 shares of the construction company’s stock valued at $99,000 after acquiring an additional 639 shares during the last quarter. LPL Financial LLC grew its position in shares of Primoris Services by 3.6% during the 4th quarter. LPL Financial LLC now owns 28,487 shares of the construction company’s stock worth $625,000 after buying an additional 992 shares in the last quarter. Finally, Raymond James & Associates grew its position in shares of Primoris Services by 9.1% during the 1st quarter. Raymond James & Associates now owns 16,172 shares of the construction company’s stock worth $385,000 after buying an additional 1,345 shares in the last quarter. 88.14% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director David Lee King sold 10,000 shares of Primoris Services stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $27.36, for a total transaction of $273,600.00. Following the transaction, the director now owns 32,354 shares in the company, valued at $885,205.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Primoris Services news, Director Stephen C. Cook sold 7,000 shares of Primoris Services stock in a transaction on Monday, March 27th. The stock was sold at an average price of $24.16, for a total value of $169,120.00. Following the sale, the director now owns 16,962 shares in the company, valued at $409,801.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Lee King sold 10,000 shares of Primoris Services stock in a transaction on Monday, March 6th. The shares were sold at an average price of $27.36, for a total value of $273,600.00. Following the completion of the sale, the director now owns 32,354 shares in the company, valued at approximately $885,205.44. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Primoris Services Stock Up 1.0 %

Shares of PRIM stock opened at $27.55 on Monday. The firm has a market capitalization of $1.47 billion, a PE ratio of 10.93 and a beta of 1.24. Primoris Services Co. has a fifty-two week low of $15.90 and a fifty-two week high of $28.20. The stock’s 50-day simple moving average is $24.88 and its 200-day simple moving average is $24.06. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.48 and a current ratio of 1.48.

Primoris Services (NASDAQ:PRIM – Get Rating) last issued its quarterly earnings data on Tuesday, May 9th. The construction company reported $0.18 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.26. Primoris Services had a return on equity of 13.57% and a net margin of 2.78%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period last year, the company earned $0.01 earnings per share. Primoris Services’s quarterly revenue was up 60.2% compared to the same quarter last year. Equities analysts expect that Primoris Services Co. will post 2.67 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be given a $0.06 dividend. The ex-dividend date is Thursday, June 29th. This represents a $0.24 annualized dividend and a dividend yield of 0.87%. Primoris Services’s dividend payout ratio (DPR) is presently 9.52%.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of analyst reports. The Goldman Sachs Group upgraded Primoris Services from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $22.50 to $27.00 in a research note on Monday, April 3rd. StockNews.com cut Primoris Services from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th. DA Davidson increased their price target on Primoris Services from $27.00 to $34.00 in a research note on Thursday, March 2nd. Finally, UBS Group increased their price target on Primoris Services from $29.00 to $34.00 in a research note on Wednesday, March 8th.

About Primoris Services

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Primoris Services Corp. operates as a holding company, which engages in the provision of construction, fabrication, maintenance, replacement, and engineering services. It operates through the following segments: Utilities, Energy and Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems.