Calamos Advisors LLC Takes Position in Primoris Services Co. $PRIM

Calamos Advisors LLC bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,634 shares of the construction company’s stock, valued at approximately $1,686,000.

A number of other hedge funds have also added to or reduced their stakes in PRIM. Nuveen LLC acquired a new position in Primoris Services in the first quarter valued at approximately $111,497,000. Fuller & Thaler Asset Management Inc. increased its stake in shares of Primoris Services by 122.2% in the 1st 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 in the last quarter. Millennium Management LLC lifted its position in shares of Primoris Services by 262.1% during the 1st 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 position in Primoris Services during the first quarter worth $24,133,000. Finally, Yaupon Capital Management LP boosted its stake in Primoris Services by 1,103.7% during the first quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company’s stock worth $21,891,000 after acquiring an additional 349,637 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Insider Activity at Primoris Services

In related news, Director Michael E. Ching sold 2,935 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,932 shares of company stock valued at $2,869,099 over the last quarter. Corporate insiders own 0.90% of the company’s stock.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $116.34 on Friday. The company has a market capitalization of $6.29 billion, a PE ratio of 38.52 and a beta of 1.45. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock’s 50 day moving average price is $131.96 and its 200-day moving average price is $102.37. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $146.16.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 EPS 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 during the quarter, compared to the consensus estimate of $1.83 billion. During the same period last year, the business posted $1.22 earnings per share. Primoris Services’s revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, equities analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have weighed in on PRIM. UBS Group lifted their price target on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. JPMorgan Chase & Co. boosted their target price on Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Mizuho set a $129.00 price target on Primoris Services in a research note on Tuesday, October 28th. Jefferies Financial Group reissued a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a research note on Wednesday, November 5th. Finally, DA Davidson upped their target price on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $142.92.

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.