New York State Common Retirement Fund Decreases Position in Primoris Services Corporation (PRIM)

New York State Common Retirement Fund cut its holdings in shares of Primoris Services Corporation (NASDAQ:PRIM) by 11.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,700 shares of the construction company’s stock after selling 5,744 shares during the period. New York State Common Retirement Fund owned about 0.08% of Primoris Services Corporation worth $1,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently modified their holdings of the business. Laurion Capital Management LP acquired a new position in shares of Primoris Services Corporation in the second quarter worth about $314,000. Capital Fund Management S.A. acquired a new position in shares of Primoris Services Corporation in the second quarter worth about $653,000. Wells Fargo & Company MN raised its position in shares of Primoris Services Corporation by 45.7% in the second quarter. Wells Fargo & Company MN now owns 180,242 shares of the construction company’s stock worth $4,495,000 after acquiring an additional 56,523 shares during the period. CIBC World Markets Inc. raised its position 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 worth $7,953,000 after acquiring an additional 6,000 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of 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 worth $184,000 after acquiring an additional 7,104 shares during the period. Institutional investors and hedge funds own 69.70% of the company’s stock.

In related news, Director Brian Pratt sold 311,933 shares of the firm’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $28.08, for a total value of $8,759,078.64. Following the completion of the sale, the director now owns 9,646,585 shares in the company, valued at $270,876,106.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the sale, the chief financial officer now owns 43,346 shares of the company’s stock, valued at approximately $1,256,600.54. The disclosure for this sale can be found here. Insiders sold 1,548,356 shares of company stock valued at $43,921,202 in the last quarter. Company insiders own 24.00% of the company’s stock.

PRIM has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Primoris Services Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. BidaskClub downgraded shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. TheStreet upgraded shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. KeyCorp restated a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. Finally, Canaccord Genuity upped their price target on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $29.00.

Primoris Services Corporation (NASDAQ:PRIM) last announced its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The firm had revenue of $631.20 million during the quarter, compared to analysts’ expectations of $582.82 million. During the same quarter last year, the business earned $0.10 earnings per share. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 14th. Investors of record on Friday, September 29th were paid a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Thursday, September 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is 23.40%.

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Primoris Services Corporation Company 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.

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

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