Teacher Retirement System of Texas Has $3.02 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Teacher Retirement System of Texas boosted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 20.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 39,560 shares of the construction company’s stock after acquiring an additional 6,799 shares during the quarter. Teacher Retirement System of Texas’ holdings in Primoris Services were worth $3,022,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. USA Financial Formulas bought a new position in shares of Primoris Services in the fourth quarter valued at $27,000. Millburn Ridgefield Corp bought a new position in Primoris Services in the 3rd quarter valued at about $59,000. Farther Finance Advisors LLC boosted its stake in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. Principal Securities Inc. increased its holdings in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after purchasing an additional 343 shares in the last quarter. Finally, TD Private Client Wealth LLC raised its stake in shares of Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value 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 approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target on the stock. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. Finally, DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Buy” and an average price target of $89.14.

Primoris Services Stock Performance

NASDAQ PRIM opened at $64.89 on Wednesday. The company has a market capitalization of $3.49 billion, a PE ratio of 21.49 and a beta of 1.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52-week low of $40.74 and a 52-week high of $90.86. The company has a 50-day simple moving average of $72.62 and a 200 day simple moving average of $71.49.

Primoris Services Dividend Announcement

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

About Primoris Services

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.