State of Alaska Department of Revenue Sells 11,502 Shares of Primoris Services Corporation $PRIM

State of Alaska Department of Revenue trimmed its position in shares of Primoris Services Corporation (NYSE:PRIM) by 56.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,044 shares of the company’s stock after selling 11,502 shares during the period. State of Alaska Department of Revenue’s holdings in Primoris Services were worth $673,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Root Financial Partners LLC raised its stake in shares of Primoris Services by 43.1% during the first quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock worth $33,000 after acquiring an additional 69 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Primoris Services in the 2nd quarter valued at $26,000. Persistent Asset Partners Ltd purchased a new stake in shares of Primoris Services in the 2nd quarter valued at $36,000. Osterweis Capital Management Inc. bought a new position in shares of Primoris Services during the 2nd quarter valued at $43,000. Finally, CENTRAL TRUST Co raised its position in Primoris Services by 7,500.0% in the 1st quarter. CENTRAL TRUST Co now owns 608 shares of the company’s stock worth $87,000 after purchasing an additional 600 shares during the period. Institutional investors own 91.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on PRIM. Wall Street Zen downgraded shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Jefferies Financial Group restated a “buy” rating and set a $99.00 price target on shares of Primoris Services in a research report on Thursday, October 8th. Piper Sandler initiated coverage on Primoris Services in a research note on Wednesday, September 9th. They set a “neutral” rating and a $90.00 price objective on the stock. Roth Capital reiterated a “buy” rating and issued a $100.00 price objective on shares of Primoris Services in a report on Monday, July 20th. Finally, Needham & Company LLC lowered their target price on Primoris Services from $188.00 to $172.00 and set a “buy” rating for the company in a research note on Monday, July 13th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $123.47.

Primoris Services Trading Down 8.1%

NYSE:PRIM opened at $66.80 on Friday. The firm has a market capitalization of $3.60 billion, a P/E ratio of 24.14 and a beta of 1.44. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The company has a fifty day moving average of $76.41 and a 200 day moving average of $100.57. Primoris Services Corporation has a 52 week low of $65.00 and a 52 week high of $205.50.

Primoris Services (NYSE:PRIM) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.68 earnings per share. On average, research analysts predict that Primoris Services Corporation will post 1.74 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. Primoris Services’s dividend payout ratio is presently 12.55%.

Primoris Services Company Profile

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.