Primoris Services Co. (NASDAQ:PRIM) Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 4.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,863 shares of the construction company’s stock after buying an additional 1,624 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.07% of Primoris Services worth $2,083,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings in Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC increased its holdings in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after buying an additional 220 shares during the last quarter. FSC Wealth Advisors LLC acquired a new stake in Primoris Services in the second quarter valued at $70,000. Finally, Canton Hathaway LLC purchased a new stake in Primoris Services during the 2nd quarter worth about $100,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRIM has been the topic of a number of recent analyst reports. DA Davidson raised their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday. The Goldman Sachs Group increased their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and an average price target of $83.50.

Primoris Services Stock Down 1.1 %

PRIM stock opened at $78.07 on Friday. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 25.85 and a beta of 1.05. The company has a fifty day moving average price of $62.82 and a 200 day moving average price of $55.91. 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 Co. has a 12 month low of $29.14 and a 12 month high of $83.40.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.02 earnings per share. Sell-side analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. Primoris Services’s dividend payout ratio (DPR) is currently 7.95%.

Insider Activity at Primoris Services

In other news, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the sale, the director now owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. The trade was a 15.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,409 shares of company stock worth $4,762,468 in the last three months. Insiders own 1.40% of the company’s stock.

Primoris Services Company 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.