16,100 Primoris Services Corporation $PRIM Shares Sold by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors reduced its Primoris Services stake by 4.2%, selling 16,100 shares in the third quarter and retaining 368,400 shares valued at approximately $27.5 million.
• Institutional investors own 91.82% of Primoris Services. Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $123.47.
• PRIM shares opened at $72.73, near the lower end of their 52-week range. The company beat quarterly EPS estimates, but revenue fell 10.7% year over year to $1.69 billion.

Hennessy Advisors Inc. cut its holdings in Primoris Services Corporation (NYSE:PRIM - Free Report) by 4.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 368,400 shares of the company's stock after selling 16,100 shares during the period. Primoris Services makes up 1.0% of Hennessy Advisors Inc.'s portfolio, making the stock its 24th largest position. Hennessy Advisors Inc. owned 0.68% of Primoris Services worth $27,453,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new position in shares of Primoris Services in the second quarter worth about $26,000. Root Financial Partners LLC boosted its holdings in Primoris Services by 43.1% during the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company's stock valued at $33,000 after acquiring an additional 69 shares during the period. Persistent Asset Partners Ltd purchased a new stake in Primoris Services during the 2nd quarter valued at about $36,000. Osterweis Capital Management Inc. purchased a new stake in Primoris Services during the 2nd quarter valued at about $43,000. Finally, Signaturefd LLC grew its position in Primoris Services by 225.4% during the 3rd quarter. Signaturefd LLC now owns 576 shares of the company's stock worth $43,000 after acquiring an additional 399 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on PRIM. Jefferies Financial Group reiterated a "buy" rating and issued a $99.00 price objective on shares of Primoris Services in a research report on Thursday, October 8th. Piper Sandler assumed coverage on Primoris Services in a research note on Wednesday, September 9th. They set a "neutral" rating and a $90.00 price objective for the company. Needham & Company LLC cut their target price on shares of Primoris Services from $188.00 to $172.00 and set a "buy" rating on the stock in a report on Monday, July 13th. Oppenheimer began coverage on shares of Primoris Services in a research note on Tuesday, July 7th. They issued an "outperform" rating and a $135.00 target price on the stock. Finally, Roth Capital reiterated a "buy" rating and set a $100.00 price target on shares of Primoris Services in a report on Monday, July 20th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Primoris Services presently has a consensus rating of "Moderate Buy" and an average target price of $123.47.

Primoris Services Stock Down 0.1%

Shares of NYSE:PRIM opened at $72.73 on Monday. Primoris Services Corporation has a 1 year low of $62.40 and a 1 year high of $205.50. The company has a market cap of $3.92 billion, a PE ratio of 28.52 and a beta of 1.44. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. The stock's 50-day moving average is $75.26 and its 200 day moving average is $113.21.

Primoris Services (NYSE:PRIM - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, beating analysts' consensus estimates of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the company posted $1.68 EPS. Primoris Services's quarterly revenue was down 10.7% compared to the same quarter last year. Sell-side analysts anticipate that Primoris Services Corporation will post 1.77 EPS for the current year.

Primoris Services Profile

Primoris Services Corporation NYSE: PRIM is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.

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