19,246 Shares in Primoris Services Co. (NASDAQ:PRIM) Bought by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky bought a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 19,246 shares of the construction company's stock, valued at approximately $1,470,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Alliancebernstein L.P. boosted its stake in Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after purchasing an additional 1,274,839 shares during the period. Congress Asset Management Co. bought a new stake in shares of Primoris Services during the fourth quarter valued at approximately $48,851,000. Invesco Ltd. boosted its position in shares of Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after buying an additional 430,589 shares during the period. JPMorgan Chase & Co. grew its holdings in Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after buying an additional 381,284 shares in the last quarter. Finally, Norges Bank acquired a new stake in Primoris Services in the 4th quarter valued at approximately $22,636,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Performance

PRIM opened at $60.59 on Friday. The business has a fifty day simple moving average of $61.67 and a 200-day simple moving average of $71.28. The firm has a market cap of $3.27 billion, a PE ratio of 20.06 and a beta of 1.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a fifty-two week low of $45.37 and a fifty-two week high of $90.86.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.08 per share. The ex-dividend date was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.53%. Primoris Services's payout ratio is presently 9.64%.

Insider Buying and Selling at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares of the company's stock, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. 0.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Piper Sandler started coverage on Primoris Services in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price target for the company. KeyCorp lowered their target price on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. Finally, DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Primoris Services has an average rating of "Buy" and a consensus target price of $84.75.

Primoris Services Company Profile

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.

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