New York State Common Retirement Fund reduced its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 9.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,155 shares of the construction company's stock after selling 6,739 shares during the quarter. New York State Common Retirement Fund owned about 0.12% of Primoris Services worth $4,901,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of PRIM. USA Financial Formulas purchased a new position in Primoris Services in the fourth quarter worth $27,000. Nisa Investment Advisors LLC lifted its stake in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. lifted its stake in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after buying an additional 197 shares during the period. Millburn Ridgefield Corp acquired a new stake in shares of Primoris Services during the third quarter worth $59,000. Finally, Principal Securities Inc. lifted its stake in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after buying an additional 343 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.
Primoris Services Stock Performance
PRIM stock traded down $3.25 during midday trading on Monday, reaching $68.49. The company had a trading volume of 1,027,695 shares, compared to its average volume of 861,416. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a 50 day moving average price of $77.31 and a 200 day moving average price of $70.13. The firm has a market capitalization of $3.68 billion, a PE ratio of 22.56 and a beta of 1.14. Primoris Services Co. has a fifty-two week low of $38.38 and a fifty-two week high of $90.86.
Primoris Services Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, March 31st. Primoris Services's dividend payout ratio (DPR) is currently 9.64%.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on PRIM. UBS Group lifted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. lifted their price objective 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. The Goldman Sachs Group lifted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. DA Davidson restated a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price for the company. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $91.83.
Check Out Our Latest Research Report on Primoris Services
About Primoris Services
(
Free Report)
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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