Allianz Asset Management GmbH Acquires 31,158 Shares of Primoris Services Co. $PRIM

Allianz Asset Management GmbH raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 24.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 160,511 shares of the construction company's stock after acquiring an additional 31,158 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.30% of Primoris Services worth $12,510,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio raised its holdings in Primoris Services by 85.4% during 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 period. Parallel Advisors LLC increased its holdings in shares of Primoris Services by 6,687.5% in the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after purchasing an additional 535 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after purchasing an additional 544 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after purchasing an additional 194 shares during the last quarter. Finally, Twin Tree Management LP bought a new stake in shares of Primoris Services in the first quarter worth about $59,000. 91.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRIM. KeyCorp lifted their target price on Primoris Services from $129.00 to $154.00 and gave the stock an "overweight" rating in a report on Monday. Jefferies Financial Group lifted their target price on Primoris Services from $128.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Mizuho began coverage on Primoris Services in a report on Thursday, September 4th. They issued a "neutral" rating and a $112.00 target price on the stock. Janney Montgomery Scott began coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their target price on Primoris Services from $128.00 to $141.00 and gave the stock an "overweight" rating in a report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Primoris Services has an average rating of "Moderate Buy" and a consensus target price of $130.50.

Insider Activity

In other news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction that occurred on 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 transaction, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael E. Ching sold 2,935 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director directly owned 9,534 shares in the company, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,941 shares of company stock valued at $3,004,821. 1.40% of the stock is currently owned by insiders.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $139.10 on Tuesday. The stock has a market cap of $7.51 billion, a price-to-earnings ratio of 46.06 and a beta of 1.43. 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 50 day moving average price of $125.22 and a 200-day moving average price of $93.02. Primoris Services Co. has a one year low of $49.10 and a one year high of $142.84.

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

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. Primoris Services's dividend payout ratio is currently 7.26%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.