Public Employees Retirement System of Ohio Boosts Holdings in Primoris Services Corporation (PRIM)

Public Employees Retirement System of Ohio raised its position in Primoris Services Corporation (NASDAQ:PRIM) by 8.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,238 shares of the construction company’s stock after purchasing an additional 320 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Primoris Services Corporation were worth $106,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. CIBC World Markets Inc. increased its stake in shares of Primoris Services Corporation by 1.9% in the second quarter. CIBC World Markets Inc. now owns 318,876 shares of the construction company’s stock valued at $7,953,000 after buying an additional 6,000 shares during the period. Chicago Equity Partners LLC acquired a new stake in shares of Primoris Services Corporation in the second quarter valued at about $575,000. Teachers Advisors LLC increased its stake in shares of Primoris Services Corporation by 3.0% in the first quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock valued at $1,665,000 after buying an additional 2,065 shares during the period. Susquehanna International Group LLP increased its stake in shares of Primoris Services Corporation by 193.8% in the second quarter. Susquehanna International Group LLP now owns 115,719 shares of the construction company’s stock valued at $2,886,000 after buying an additional 76,335 shares during the period. Finally, OxFORD Asset Management LLP acquired a new stake in shares of Primoris Services Corporation in the second quarter valued at about $2,326,000. Hedge funds and other institutional investors own 66.48% of the company’s stock.

Shares of Primoris Services Corporation (NASDAQ:PRIM) opened at $26.77 on Tuesday. Primoris Services Corporation has a one year low of $21.83 and a one year high of $30.00. The company has a market capitalization of $1,340.00, a P/E ratio of 22.33, a P/E/G ratio of 2.18 and a beta of 1.60. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.41 and a current ratio of 1.49.

Primoris Services Corporation (NASDAQ:PRIM) last released its earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.31 by $0.09. Primoris Services Corporation had a return on equity of 11.70% and a net margin of 2.68%. The business had revenue of $608.31 million during the quarter, compared to analysts’ expectations of $588.19 million. During the same quarter last year, the firm posted $0.09 earnings per share. The firm’s revenue was up 19.8% on a year-over-year basis. analysts forecast that Primoris Services Corporation will post 1.2 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, December 28th. This represents a $0.24 annualized dividend and a yield of 0.90%. This is a boost from Primoris Services Corporation’s previous quarterly dividend of $0.06. Primoris Services Corporation’s dividend payout ratio (DPR) is currently 17.74%.

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In other Primoris Services Corporation news, CFO Peter J. Moerbeek sold 19,778 shares of the stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $28.99, for a total value of $573,364.22. Following the transaction, the chief financial officer now owns 43,346 shares in the company, valued at $1,256,600.54. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brian Pratt sold 105,099 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $28.00, for a total value of $2,942,772.00. Following the completion of the transaction, the director now owns 9,646,585 shares in the company, valued at approximately $270,104,380. The disclosure for this sale can be found here. Insiders have sold 1,548,356 shares of company stock valued at $43,921,202 in the last ninety days. 24.00% of the stock is currently owned by insiders.

Several equities research analysts have recently weighed in on PRIM shares. Zacks Investment Research raised Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Saturday, October 14th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services Corporation in a research note on Tuesday, September 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 target price on shares of Primoris Services Corporation in a research note on Tuesday, November 7th. BidaskClub cut Primoris Services Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 target price (up previously from $29.00) on shares of Primoris Services Corporation in a research note on Wednesday, October 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.00.

Primoris Services Corporation Profile

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.

Institutional Ownership by Quarter for Primoris Services Corporation (NASDAQ:PRIM)

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