New York State Teachers Retirement System Makes New $159,000 Investment in Primoris Services Co. (NASDAQ:PRIM)

New York State Teachers Retirement System purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,776 shares of the construction company’s stock, valued at approximately $159,000.

A number of other large investors also recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its position in shares of Primoris Services by 47.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,447 shares of the construction company’s stock worth $35,000 after buying an additional 466 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Primoris Services by 0.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 63,766 shares of the construction company’s stock worth $1,399,000 after buying an additional 503 shares during the period. Corton Capital Inc. raised its position in shares of Primoris Services by 4.8% in the 1st quarter. Corton Capital Inc. now owns 11,584 shares of the construction company’s stock worth $286,000 after buying an additional 532 shares during the period. First Republic Investment Management Inc. raised its position in shares of Primoris Services by 5.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 11,585 shares of the construction company’s stock worth $252,000 after buying an additional 562 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Primoris Services by 5.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,705 shares of the construction company’s stock worth $326,000 after buying an additional 601 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In other news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $40.00, for a total transaction of $300,000.00. Following the sale, the chief accounting officer now directly owns 9,068 shares of the company’s stock, valued at $362,720. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $40.00, for a total transaction of $300,000.00. Following the sale, the chief accounting officer now directly owns 9,068 shares of the company’s stock, valued at $362,720. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $40.61, for a total value of $812,200.00. Following the sale, the director now directly owns 237,281 shares in the company, valued at $9,635,981.41. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,000 shares of company stock valued at $2,040,125. 1.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on PRIM shares. StockNews.com lowered Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. The Goldman Sachs Group increased their target price on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. UBS Group increased their target price on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Finally, DA Davidson raised their price objective on Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, April 4th.

Primoris Services Trading Up 1.1 %

NASDAQ:PRIM opened at $43.60 on Friday. The business’s 50-day moving average is $41.41 and its two-hundred day moving average is $35.19. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services Co. has a 12 month low of $23.48 and a 12 month high of $47.87. The firm has a market capitalization of $2.34 billion, a PE ratio of 18.79 and a beta of 1.19.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.64 by $0.21. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same period last year, the company posted $0.93 earnings per share. The firm’s revenue was up 14.0% compared to the same quarter last year. Research analysts predict that Primoris Services Co. will post 2.61 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.55%. Primoris Services’s dividend payout ratio is presently 10.34%.

About Primoris Services

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.