111,680 Shares in Primoris Services Co. $PRIM Acquired by Shellback Capital LP

Key Points

• Shellback Capital LP purchased 111,680 shares of Primoris Services Co. for approximately $6.4 million, marking a new position for the institutional investor.
• In the first quarter, Nuveen LLC also bought a significant stake worth about $111.5 million, while several other investors increased their positions, indicating growing institutional interest in the company.
• Primoris Services announced a quarterly dividend of $0.08 per share, with an ex-dividend date on September 30th, representing a 0.3% yield for investors.

Shellback Capital LP acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 111,680 shares of the construction company's stock, valued at approximately $6,412,000. Shellback Capital LP owned about 0.21% of Primoris Services at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in Primoris Services by 34.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after purchasing an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in Primoris Services in the first quarter worth $231,000. SG Americas Securities LLC acquired a new stake in Primoris Services in the first quarter worth $1,070,000. KBC Group NV increased its position in Primoris Services by 24.5% in the first quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after buying an additional 558 shares during the period. Finally, GAMMA Investing LLC increased its position in Primoris Services by 7,798.2% in the first quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock worth $748,000 after buying an additional 12,867 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. UBS Group increased their target price on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. JPMorgan Chase & Co. increased their target price on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Zacks Research lowered Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday. DA Davidson raised their price target on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, KeyCorp raised their price target on Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $103.70.

Primoris Services Stock Down 0.4%

NASDAQ PRIM traded down $0.50 during trading on Friday, reaching $122.27. 296,223 shares of the company's stock were exchanged, compared to its average volume of 917,600. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $124.77. The firm has a market capitalization of $6.60 billion, a PE ratio of 40.48 and a beta of 1.42. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company's fifty day simple moving average is $103.11 and its 200-day simple moving average is $79.62.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the company posted $1.04 EPS. The business's quarterly revenue was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Sell-side analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th 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 Tuesday, September 30th. Primoris Services's payout ratio is currently 7.26%.

Insider Activity

In other news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is currently owned by corporate insiders.

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.