Primoris Services Co. $PRIM Shares Acquired by Algert Global LLC

Key Points

• Algert Global LLC increased its stake in Primoris Services Co. by 6.0%, now owning approximately 242,285 shares valued at around $13.9 million.
• Several institutional investors have raised their holdings in Primoris Services, with hedge funds and other entities owning 91.82% of the company's stock.
• Primoris Services reported a quarterly earnings per share (EPS) of $1.68, exceeding expectations by $0.58, along with a 20.9% year-over-year revenue growth of $1.89 billion.

Algert Global LLC raised its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 6.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 242,285 shares of the construction company's stock after purchasing an additional 13,780 shares during the quarter. Algert Global LLC owned about 0.45% of Primoris Services worth $13,910,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc increased its stake in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares during the period. Sound Income Strategies LLC acquired a new stake in shares of Primoris Services during the first quarter worth $45,000. Headlands Technologies LLC purchased a new position in Primoris Services in the 1st quarter valued at $68,000. Farther Finance Advisors LLC increased its stake in Primoris Services by 166.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock valued at $118,000 after buying an additional 1,274 shares during the period. Finally, Blue Trust Inc. increased its stake in Primoris Services by 130.9% in the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after buying an additional 1,279 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of PRIM stock traded down $1.6870 during trading hours on Tuesday, hitting $111.0830. The company's stock had a trading volume of 552,487 shares, compared to its average volume of 931,712. The business has a fifty day moving average of $89.76 and a 200-day moving average of $74.62. The stock has a market cap of $6.00 billion, a price-to-earnings ratio of 36.78 and a beta of 1.44. Primoris Services Co. has a twelve month low of $48.33 and a twelve month high of $115.99. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.10 by $0.58. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, equities research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's payout ratio is currently 7.26%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Janney Montgomery Scott began coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price for the company. UBS Group boosted their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. DA Davidson boosted their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Piper Sandler boosted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, Guggenheim boosted their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and a consensus target price of $101.67.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the completion of the transaction, the director owned 82,281 shares of the company's stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by corporate insiders.

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.