Teacher Retirement System of Texas Buys 6,799 Shares of Primoris Services Co. (NASDAQ:PRIM)

Teacher Retirement System of Texas boosted its stake in Primoris Services Co. (NASDAQ:PRIM) by 20.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,560 shares of the construction company’s stock after purchasing an additional 6,799 shares during the quarter. Teacher Retirement System of Texas owned about 0.07% of Primoris Services worth $3,022,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Arizona State Retirement System boosted its position in shares of Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after acquiring an additional 131 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after buying an additional 268 shares during the last quarter. HighTower Advisors LLC boosted its stake in Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after buying an additional 268 shares in the last quarter. Finally, Virtue Capital Management LLC grew its position in Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after acquiring an additional 342 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the business’s 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 transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 over the last quarter. Insiders own 1.40% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $64.89 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a one year low of $40.74 and a one year high of $90.86. The business’s 50 day simple moving average is $72.62 and its 200 day simple moving average is $71.49. The stock has a market capitalization of $3.49 billion, a PE ratio of 21.49 and a beta of 1.13.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Analysts Set New Price Targets

PRIM has been the topic of several research reports. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. Jefferies Financial Group began coverage on Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. Finally, Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target for the company. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and an average target price of $89.14.

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.