Primoris Services Corporation $PRIM Position Decreased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its holdings in shares of Primoris Services Corporation (NYSE:PRIM) by 18.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,328 shares of the company’s stock after selling 10,952 shares during the period. Illinois Municipal Retirement Fund’s holdings in Primoris Services were worth $3,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PRIM. Lido Advisors LLC raised its holdings in Primoris Services by 3.6% in the 3rd quarter. Lido Advisors LLC now owns 6,244 shares of the company’s stock worth $465,000 after purchasing an additional 215 shares during the period. Keybank National Association OH purchased a new position in Primoris Services during the third quarter valued at $250,000. Van Berkom & Associates Inc. lifted its position in Primoris Services by 66.0% during the third quarter. Van Berkom & Associates Inc. now owns 845,215 shares of the company’s stock valued at $62,985,000 after purchasing an additional 336,058 shares in the last quarter. AlphaCore Capital LLC purchased a new position in Primoris Services during the third quarter valued at $238,000. Finally, Fulcrum Asset Management LLP grew its holdings in Primoris Services by 6,605.6% during the third quarter. Fulcrum Asset Management LLP now owns 6,035 shares of the company’s stock valued at $448,000 after purchasing an additional 5,945 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Shares of NYSE PRIM traded down $2.19 during mid-day trading on Friday, reaching $69.36. The company’s stock had a trading volume of 1,198,079 shares, compared to its average volume of 1,674,434. The firm has a market capitalization of $3.64 billion, a PE ratio of 39.19 and a beta of 1.44. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a fifty day moving average of $74.33 and a two-hundred day moving average of $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 issued its earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.39. The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $2 billion. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The firm’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter last year, the company earned $1.88 EPS. As a group, sell-side analysts anticipate that Primoris Services Corporation will post 1.91 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, December 31st. This represents a $0.32 annualized dividend 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 analysts have commented on the company. Needham & Company LLC reduced their price target on Primoris Services from $172.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, November 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primoris Services in a research note on Tuesday, November 3rd. Roth Capital reaffirmed a “buy” rating and set a $100.00 price objective on shares of Primoris Services in a research report on Monday, July 20th. Wells Fargo & Company cut their price objective on Primoris Services from $85.00 to $64.00 and set an “equal weight” rating for the company in a research note on Friday, November 6th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $99.00 target price on shares of Primoris Services in a report on Thursday, October 8th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $115.53.

Primoris Services Profile

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.