Wed Sep 25 07:58:44 UTC 2024: ## State of New Jersey Pension Fund Invests in Primoris Services

**September 25, 2024 -** The State of New Jersey Common Pension Fund D has announced a new investment in Primoris Services Co. (PRIM), a specialty contractor company operating in the US and Canada. The fund acquired 34,239 shares of PRIM stock in the second quarter, amounting to approximately $1,708,000. This represents a 0.06% stake in the construction company.

Several other institutional investors have also adjusted their holdings in PRIM during the recent quarter. CWM LLC increased its position by 25.1%, while FSC Wealth Advisors LLC, Canton Hathaway LLC, and Innealta Capital LLC all made new investments.

In addition to institutional activity, insider trading has been observed at PRIM. Director John P. Schauerman sold 25,000 shares on September 12th for a total value of $1,351,250.00. This follows a previous sale of 4,391 shares by insider John M. Perisich on September 13th. Overall, insiders have sold 54,391 shares of PRIM stock in the past 90 days, totaling $3,075,454.

PRIM released its quarterly earnings on August 5th, reporting $1.04 EPS, exceeding the consensus estimate of $0.65. Revenue for the quarter reached $1.56 billion, narrowly surpassing the anticipated $1.54 billion. The company also announced a quarterly dividend of $0.06, payable on October 11th.

Primoris Services provides a range of construction, fabrication, maintenance, and engineering services across the Utilities and Energy/Renewables segments. The company’s strong earnings and dividend payout have attracted investor interest, with institutional investors now holding 91.82% of PRIM stock.

Read More