LSV Asset Management Acquires 44,800 Shares of Primoris Services Co. $PRIM

LSV Asset Management increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 18.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 281,339 shares of the construction company’s stock after acquiring an additional 44,800 shares during the quarter. LSV Asset Management owned about 0.52% of Primoris Services worth $21,928,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of PRIM. Envestnet Asset Management Inc. grew its position in Primoris Services by 12.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 45,230 shares of the construction company’s stock worth $2,597,000 after purchasing an additional 5,000 shares during the last quarter. CWM LLC lifted its stake in shares of Primoris Services by 139.5% in the first quarter. CWM LLC now owns 5,528 shares of the construction company’s stock valued at $317,000 after buying an additional 3,220 shares during the period. Victory Capital Management Inc. grew its position in Primoris Services by 3.5% during the first quarter. Victory Capital Management Inc. now owns 308,143 shares of the construction company’s stock worth $17,690,000 after buying an additional 10,304 shares in the last quarter. Jennison Associates LLC increased its stake in Primoris Services by 68.6% during the first quarter. Jennison Associates LLC now owns 9,476 shares of the construction company’s stock valued at $544,000 after acquiring an additional 3,855 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in shares of Primoris Services by 139.4% in the 1st quarter. Allianz Asset Management GmbH now owns 129,353 shares of the construction company’s stock worth $7,426,000 after acquiring an additional 75,314 shares during the period. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Up 1.2%

PRIM opened at $118.59 on Wednesday. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 39.27 and a beta of 1.45. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm’s 50-day simple moving average is $132.13 and its 200-day simple moving average is $104.10. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $146.16.

Primoris Services (NASDAQ:PRIM) last released 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. The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.83 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.22 earnings per share. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Equities research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued 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 dividend payout ratio is presently 6.31%.

Insiders Place Their Bets

In related news, Director Patricia K. Wagner sold 13,491 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $125.23, for a total value of $1,689,477.93. Following the completion of the sale, the director owned 4,495 shares of the company’s stock, valued at $562,908.85. This trade represents a 75.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David Lee King sold 3,500 shares of the company’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 directly owned 21,302 shares in the company, valued at approximately $2,769,260. This represents a 14.11% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 22,932 shares of company stock valued at $2,869,099. 1.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. Glj Research assumed coverage on shares of Primoris Services in a report on Monday, September 22nd. They issued a “buy” rating and a $160.00 price target on the stock. Guggenheim restated a “neutral” rating on shares of Primoris Services in a research note on Wednesday, October 15th. DA Davidson lifted their target price on shares of Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, Zacks Research cut shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.54.

Primoris Services Company Profile

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.