Primoris Services Corporation $PRIM Holdings Trimmed by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 56.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,044 shares of the company’s stock after selling 11,502 shares during the quarter. State of Alaska Department of Revenue’s holdings in Primoris Services were worth $673,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Root Financial Partners LLC lifted its position in shares of Primoris Services by 43.1% in the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock worth $33,000 after purchasing an additional 69 shares during the period. Keebeck Wealth Management boosted its stake in shares of Primoris Services by 3.5% during the 1st quarter. Keebeck Wealth Management now owns 3,710 shares of the company’s stock valued at $531,000 after purchasing an additional 125 shares in the last quarter. Silver Oak Securities Incorporated increased its position in shares of Primoris Services by 4.4% during the first quarter. Silver Oak Securities Incorporated now owns 3,552 shares of the company’s stock valued at $508,000 after buying an additional 151 shares during the period. West Tower Group LLC increased its position in shares of Primoris Services by 0.7% during the first quarter. West Tower Group LLC now owns 26,372 shares of the company’s stock valued at $3,772,000 after buying an additional 172 shares during the period. Finally, Rockefeller Capital Management L.P. raised its stake in Primoris Services by 5.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,925 shares of the company’s stock worth $487,000 after buying an additional 190 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Price Performance

Shares of PRIM opened at $66.80 on Friday. The stock has a market cap of $3.60 billion, a PE ratio of 24.14 and a beta of 1.44. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. Primoris Services Corporation has a fifty-two week low of $65.00 and a fifty-two week high of $205.50. The firm’s 50-day simple moving average is $76.41 and its two-hundred day simple moving average is $100.57.

Primoris Services (NYSE:PRIM) last announced its earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the firm earned $1.68 earnings per share. The business’s revenue for the quarter was down 10.7% on a year-over-year basis. Analysts anticipate that Primoris Services Corporation will post 1.74 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, September 30th. Primoris Services’s payout ratio is 12.55%.

Analysts Set New Price Targets

PRIM has been the subject of several research analyst reports. Roth Capital restated a “buy” rating and issued a $100.00 price objective on shares of Primoris Services in a report on Monday, July 20th. Weiss Ratings downgraded Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Piper Sandler began coverage on Primoris Services in a research report on Wednesday, September 9th. They set a “neutral” rating and a $90.00 price target on the stock. UBS Group reaffirmed a “neutral” rating on shares of Primoris Services in a research note on Monday, August 10th. Finally, Zacks Research raised Primoris Services from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $123.47.

About Primoris Services

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.