California Public Employees Retirement System maintained its stake in Primoris Services Corporation (NASDAQ:PRIM) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,700 shares of the construction company’s stock at the close of the second quarter. California Public Employees Retirement System’s holdings in Primoris Services Corporation were worth $367,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PRIM. BNP Paribas Arbitrage SA grew its position in Primoris Services Corporation by 554.1% in the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after acquiring an additional 4,721 shares during the last quarter. Victory Capital Management Inc. grew its position in Primoris Services Corporation by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after acquiring an additional 910 shares during the last quarter. Citigroup Inc. grew its position in Primoris Services Corporation by 356.6% in the second quarter. Citigroup Inc. now owns 6,465 shares of the construction company’s stock valued at $161,000 after acquiring an additional 5,049 shares during the last quarter. JPMorgan Chase & Co. grew its position in Primoris Services Corporation by 2,368.0% in the second quarter. JPMorgan Chase & Co. now owns 7,404 shares of the construction company’s stock valued at $184,000 after acquiring an additional 7,104 shares during the last quarter. Finally, Strs Ohio bought a new position in Primoris Services Corporation in the second quarter valued at about $226,000. Institutional investors own 66.48% of the company’s stock.

In other news, CFO Peter J. Moerbeek sold 19,778 shares of Primoris Services Corporation stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $28.99, for a total transaction of $573,364.22. Following the sale, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at $1,256,600.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Pratt sold 105,734 shares of Primoris Services Corporation stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $28.20, for a total value of $2,981,698.80. Following the sale, the director now directly owns 9,646,585 shares in the company, valued at $272,033,697. The disclosure for this sale can be found here. Insiders have sold 1,548,356 shares of company stock worth $43,921,202 over the last three months. Insiders own 24.00% of the company’s stock.

PRIM has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Saturday, October 14th. KeyCorp reiterated a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. Canaccord Genuity reiterated a “buy” rating and issued a $30.00 target price on shares of Primoris Services Corporation in a research report on Tuesday, November 7th. Seaport Global Securities reiterated a “buy” rating and issued a $32.00 target price (up previously from $29.00) on shares of Primoris Services Corporation in a research report on Wednesday, October 11th. Finally, TheStreet raised Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $31.67.

Shares of Primoris Services Corporation (PRIM) opened at $26.74 on Friday. Primoris Services Corporation has a 12 month low of $21.83 and a 12 month high of $30.00. The company has a market capitalization of $1,381.91, a PE ratio of 22.96, a PEG ratio of 2.24 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 announced its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. During the same period last year, the firm posted $0.09 earnings per share. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. sell-side analysts anticipate that Primoris Services Corporation will post 1.2 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.90%. This is a positive change from Primoris Services Corporation’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is presently 17.60%.

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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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