Primoris Services Co. $PRIM Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC cut its holdings in Primoris Services Co. (NASDAQ:PRIM) by 90.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,735 shares of the construction company’s stock after selling 187,738 shares during the quarter. Squarepoint Ops LLC’s holdings in Primoris Services were worth $1,538,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. First Trust Advisors LP increased its holdings in shares of Primoris Services by 56.4% during the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock valued at $142,872,000 after acquiring an additional 660,915 shares in the last quarter. Millennium Management LLC grew its position in Primoris Services by 262.1% during the 1st quarter. Millennium Management LLC now owns 728,405 shares of the construction company’s stock worth $41,818,000 after purchasing an additional 527,240 shares during the last quarter. American Century Companies Inc. increased its stake in Primoris Services by 229.3% during the 2nd quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock valued at $46,880,000 after purchasing an additional 418,805 shares in the last quarter. Yaupon Capital Management LP raised its holdings in shares of Primoris Services by 1,103.7% in the first quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company’s stock worth $21,891,000 after buying an additional 349,637 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Primoris Services by 227.5% during the first quarter. Cubist Systematic Strategies LLC now owns 425,033 shares of the construction company’s stock worth $24,401,000 after buying an additional 295,264 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Up 1.0%

Shares of PRIM opened at $125.40 on Friday. The company has a market capitalization of $6.78 billion, a price-to-earnings ratio of 41.52 and a beta of 1.37. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $146.16. The stock’s 50-day moving average price is $129.83 and its 200-day moving average price is $112.34. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share (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 in the previous year, the company posted $1.22 earnings per share. Primoris Services’s revenue for the quarter 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, sell-side analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company 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 dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. Primoris Services’s dividend payout ratio is 6.31%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. Mizuho set a $129.00 price objective on Primoris Services in a report on Tuesday, October 28th. DA Davidson raised their price objective on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Zacks Research lowered Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. Finally, UBS Group increased their price target on shares of Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $140.57.

Insider Activity

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction on Monday, December 8th. The shares were sold at an average price of $135.14, for a total value of $281,361.48. Following the completion of the transaction, the director owned 21,530 shares of the company’s stock, valued at approximately $2,909,564.20. The trade was a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Lee King sold 3,500 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the transaction, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. This trade represents a 14.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,888 shares of company stock worth $3,488,679 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.