10,271 Shares in Primoris Services Co. $PRIM Purchased by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,271 shares of the construction company’s stock, valued at approximately $801,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Nuveen LLC purchased a new stake in Primoris Services during the 1st quarter valued at $111,497,000. Fuller & Thaler Asset Management Inc. increased its position in Primoris Services by 122.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock valued at $102,412,000 after acquiring an additional 980,940 shares during the last quarter. Millennium Management LLC raised its stake in shares of Primoris Services by 262.1% in the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company’s stock valued at $41,818,000 after acquiring an additional 527,240 shares during the period. Pacer Advisors Inc. bought a new stake in shares of Primoris Services in the 1st quarter worth about $24,133,000. Finally, American Century Companies Inc. boosted its stake in shares of Primoris Services by 229.3% during the 2nd quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock worth $46,880,000 after purchasing an additional 418,805 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity

In other news, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the sale, the chief operating officer owned 9,580 shares of the company’s stock, valued at $1,187,920. This trade represents a 23.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David Lee King sold 3,500 shares of the business’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $130.00, for a total value of $455,000.00. Following the transaction, the chief executive officer owned 21,302 shares in the company, valued at approximately $2,769,260. This trade represents a 14.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 22,932 shares of company stock worth $2,869,099. 1.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. Roth Capital started coverage on Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 price target for the company. KeyCorp boosted their price objective on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Glj Research started coverage on Primoris Services in a research note on Monday, September 22nd. They issued a “buy” rating and a $160.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their target price on Primoris Services from $141.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $142.54.

Primoris Services Trading Up 0.5%

Shares of NASDAQ:PRIM opened at $117.37 on Friday. The company has a market capitalization of $6.34 billion, a PE ratio of 38.87 and a beta of 1.45. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $146.16. The business’s fifty day simple moving average is $132.02 and its 200-day simple moving average is $104.95.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter last year, the company earned $1.22 earnings per share. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. As a group, equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Wednesday, December 31st. Primoris Services’s payout ratio is 6.31%.

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.