Alliancebernstein L.P. Sells 25,472 Shares of Primoris Services Co. $PRIM

Key Points

• Alliancebernstein L.P. reduced its stake in Primoris Services Co. by 1.9%, selling 25,472 shares and retaining 1,304,738 shares, valued at $74.9 million.
• Several analysts have raised their price targets for Primoris Services, with KeyCorp increasing it to $129.00 and DA Davidson lifting theirs to $125.00, reflecting positive sentiment on the stock.
• Primoris Services recently announced a quarterly dividend of $0.08 per share, which will be paid on October 15th, representing an annualized yield of 0.3%.

Alliancebernstein L.P. reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,304,738 shares of the construction company's stock after selling 25,472 shares during the period. Alliancebernstein L.P. owned 2.42% of Primoris Services worth $74,905,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. DAVENPORT & Co LLC raised its position in Primoris Services by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock worth $750,000 after purchasing an additional 175 shares during the last quarter. Freedom Investment Management Inc. raised its position in Primoris Services by 4.3% during the 1st quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock worth $289,000 after purchasing an additional 207 shares during the last quarter. Versant Capital Management Inc raised its position in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after purchasing an additional 347 shares during the last quarter. Total Wealth Planning & Management Inc. raised its position in Primoris Services by 5.4% during the 1st quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock worth $536,000 after purchasing an additional 475 shares during the last quarter. Finally, Canton Hathaway LLC raised its position in Primoris Services by 25.0% during the 1st quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company's stock worth $144,000 after purchasing an additional 500 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on PRIM shares. KeyCorp raised their target price on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Janney Montgomery Scott assumed coverage on Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective for the company. DA Davidson lifted their price objective on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Mizuho assumed coverage on Primoris Services in a research report on Thursday. They issued a "neutral" rating and a $112.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $103.70.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $116.78 on Friday. Primoris Services Co. has a one year low of $48.33 and a one year high of $120.25. The firm has a market capitalization of $6.31 billion, a price-to-earnings ratio of 38.67 and a beta of 1.42. The business has a 50-day simple moving average of $100.21 and a 200 day simple moving average of $78.28. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating 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 business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the company posted $1.04 EPS. The firm's 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. On average, research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total value of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares of the company's stock, 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 SEC, which is available at the SEC website. 1.40% of the stock is owned by 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.

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