State Street Corp Has $74.20 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

State Street Corp lowered its holdings in Primoris Services Co. (NASDAQ:PRIM) by 0.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,276,297 shares of the construction company’s stock after selling 1,890 shares during the quarter. State Street Corp’s holdings in Primoris Services were worth $74,203,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in PRIM. Nisa Investment Advisors LLC raised its holdings in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services during the third quarter worth approximately $59,000. CWM LLC grew its stake in shares of Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on PRIM. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. UBS Group raised their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and an average price target of $86.00.

Insiders Place Their Bets

In related news, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the sale, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,018 shares of company stock worth $3,336,224. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

Shares of PRIM opened at $80.87 on Wednesday. The stock has a market cap of $4.34 billion, a P/E ratio of 26.78 and a beta of 1.12. Primoris Services Co. has a 1 year low of $30.94 and a 1 year high of $84.97. The stock’s 50-day moving average price is $73.48 and its two-hundred day moving average price is $60.58. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the company earned $1.02 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities analysts predict that Primoris Services Co. will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

Primoris Services 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.