Primoris Services Co. $PRIM Shares Purchased by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly increased its stake in Primoris Services Co. by 445.6% in Q1, owning 6,793 shares valued at approximately $390,000.
• Primoris Services reported strong quarterly earnings with $1.68 earnings per share, surpassing analysts' expectations of $1.10, and a revenue of $1.89 billion, which was also above predictions.
• The company announced a quarterly dividend of $0.08 per share, representing an annualized yield of 0.3%, payable on October 15th to investors of record on September 30th.

AlphaQuest LLC raised its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 445.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,793 shares of the construction company's stock after acquiring an additional 5,548 shares during the quarter. AlphaQuest LLC's holdings in Primoris Services were worth $390,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc grew its position in shares of Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after buying an additional 347 shares in the last quarter. Brooklyn Investment Group lifted its stake in 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 acquiring an additional 544 shares during the last quarter. Sound Income Strategies LLC purchased a new position in Primoris Services in the first quarter worth approximately $45,000. Headlands Technologies LLC acquired a new position in Primoris Services during the 1st quarter worth approximately $68,000. Finally, Farther Finance Advisors LLC increased its position in shares of 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 purchasing an additional 1,274 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Down 0.7%

PRIM stock traded down $0.85 during trading on Friday, hitting $118.70. 1,038,277 shares of the company's stock were exchanged, compared to its average volume of 923,525. The business has a 50-day moving average price of $96.35 and a two-hundred day moving average price of $76.76. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 39.31 and a beta of 1.44. Primoris Services Co. has a 52-week low of $48.33 and a 52-week high of $120.25. 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 posted its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $1.69 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. 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. As a group, equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

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

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business'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 value of $2,280,200.00. Following the completion of the sale, the director owned 82,281 shares in the company, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PRIM shares. KeyCorp lifted their price objective on shares of Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Janney Montgomery Scott started coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. DA Davidson lifted their price objective on shares of 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 shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Guggenheim lifted their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Primoris Services currently has an average rating of "Moderate Buy" and a consensus target price of $101.67.

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.