Vinva Investment Management Ltd Acquires Shares of 4,237 Primoris Services Co. $PRIM

Vinva Investment Management Ltd bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,237 shares of the construction company’s stock, valued at approximately $330,000.

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

Insider Activity

In other news, COO Jeremy Kinch sold 3,006 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. The trade was a 23.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $455,000.00. Following the completion of the transaction, the chief executive officer directly owned 21,302 shares in the company, valued at approximately $2,769,260. The trade was a 14.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,932 shares of company stock valued at $2,869,099 in the last quarter. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. The Goldman Sachs Group initiated coverage on Primoris Services in a research note on Monday, November 24th. They set a “sell” rating and a $117.00 price target for the company. DA Davidson lifted their price objective on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. KeyCorp upped their price objective on shares of Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Finally, Guggenheim reiterated a “neutral” rating on shares of Primoris Services in a research note on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $140.71.

Primoris Services Stock Performance

Shares of PRIM opened at $126.56 on Friday. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $146.16. The stock’s 50-day simple moving average is $132.11 and its 200 day simple moving average is $106.87. 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 stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of 41.91 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the prior year, the business posted $1.22 earnings per share. The company’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. Research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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

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.