Rhumbline Advisers Raises Stake in Primoris Services Co. $PRIM

Rhumbline Advisers boosted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 5.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 90,051 shares of the construction company’s stock after purchasing an additional 4,467 shares during the quarter. Rhumbline Advisers owned about 0.17% of Primoris Services worth $7,019,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PRIM. Brooklyn Investment Group boosted its position in shares of Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after purchasing an additional 544 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in Primoris Services by 85.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after buying an additional 223 shares in the last quarter. Parallel Advisors LLC raised its stake in Primoris Services by 6,687.5% during the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after buying an additional 535 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after acquiring an additional 194 shares in the last quarter. Finally, Twin Tree Management LP bought a new stake in Primoris Services in the first quarter worth $59,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $124.83 on Wednesday. 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 company has a 50 day moving average price of $131.76 and a 200-day moving average price of $107.77. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $146.16. The firm has a market capitalization of $6.74 billion, a PE ratio of 41.33 and a beta of 1.45.

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

Primoris Services Announces Dividend

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

Insider Transactions at Primoris Services

In other news, Director Patricia K. Wagner sold 13,491 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $125.23, for a total transaction 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 represents a 75.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the transaction, the director directly owned 9,534 shares in the company, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 22,932 shares of company stock worth $2,869,099 in the last ninety days. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRIM. DA Davidson lifted their price target on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $141.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. UBS Group upped their target price on shares of Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. Finally, Roth Capital initiated coverage on Primoris Services in a research report on Thursday, October 9th. They issued a “buy” rating and a $170.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $140.71.

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.