Primoris Services Corporation $PRIM Stock Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lessened its position in Primoris Services Corporation (NYSE:PRIM) by 18.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 47,328 shares of the company’s stock after selling 10,952 shares during the period. Illinois Municipal Retirement Fund owned about 0.09% of Primoris Services worth $3,527,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Primoris Services during the second quarter valued at approximately $677,685,000. Wellington Management Group LLP boosted its stake in Primoris Services by 148.7% during the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock valued at $463,434,000 after purchasing an additional 2,795,887 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Primoris Services by 47.4% in the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock worth $412,837,000 after purchasing an additional 928,155 shares in the last quarter. Van Berkom & Associates Inc. increased its holdings in shares of Primoris Services by 66.0% in the 3rd quarter. Van Berkom & Associates Inc. now owns 845,215 shares of the company’s stock worth $62,985,000 after purchasing an additional 336,058 shares in the last quarter. Finally, Grandeur Peak Global Advisors LLC bought a new stake in shares of Primoris Services in the 2nd quarter worth $3,482,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

PRIM stock traded down $2.19 during trading on Friday, reaching $69.36. The stock had a trading volume of 1,198,079 shares, compared to its average volume of 1,674,434. The firm has a market cap of $3.64 billion, a PE ratio of 39.19 and a beta of 1.44. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average is $74.33 and its two-hundred day moving average is $109.36. Primoris Services Corporation has a 52 week low of $57.72 and a 52 week high of $205.50.

Primoris Services (NYSE:PRIM) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.39. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2 billion. During the same period in the previous year, the company posted $1.88 EPS. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. As a group, equities analysts anticipate that Primoris Services Corporation will post 1.91 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. Primoris Services’s dividend payout ratio (DPR) is presently 18.08%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Wells Fargo & Company lowered their price target on Primoris Services from $85.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday, November 6th. Zacks Research raised Primoris Services from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. UBS Group reiterated a “neutral” rating on shares of Primoris Services in a report on Monday, August 10th. Oppenheimer decreased their target price on Primoris Services from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, November 5th. Finally, Guggenheim lowered their target price on shares of Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.53.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors. The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance. Primoris serves customers primarily in the United States and Canada.