American Century Companies Inc. Decreases Stock Position in Primoris Services Co. $PRIM

Key Points

• American Century Companies Inc. reduced its stake in Primoris Services Co. by 37.7%, selling 110,386 shares during the first quarter, leaving it with approximately $10.49 million worth of shares.
• Primoris Services recently reported strong quarterly earnings, with $1.68 earnings per share and revenues of $1.89 billion, exceeding analysts' expectations.
• The company will pay a quarterly dividend of $0.08 per share on October 15th, representing an annualized dividend yield of 0.3%.

American Century Companies Inc. decreased its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 37.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 182,677 shares of the construction company's stock after selling 110,386 shares during the quarter. American Century Companies Inc. owned 0.34% of Primoris Services worth $10,487,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Nuveen LLC purchased a new position in Primoris Services in the 1st quarter worth about $111,497,000. Congress Asset Management Co. raised its position in Primoris Services by 19.8% in the 1st quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock worth $43,967,000 after buying an additional 126,430 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Primoris Services by 9.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company's stock worth $43,362,000 after buying an additional 62,350 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Primoris Services by 5.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 736,740 shares of the construction company's stock worth $56,287,000 after buying an additional 40,805 shares during the last quarter. Finally, Northern Trust Corp raised its position in Primoris Services by 10.6% in the 4th quarter. Northern Trust Corp now owns 545,309 shares of the construction company's stock worth $41,662,000 after buying an additional 52,168 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PRIM. UBS Group boosted their target price on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Guggenheim boosted their price target on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. Piper Sandler boosted their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Janney Montgomery Scott assumed coverage on Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. Finally, KeyCorp boosted their price target on Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $101.67.

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 sale, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by company insiders.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded down $0.85 during mid-day trading on Friday, reaching $118.70. 1,038,277 shares of the company traded hands, compared to its average volume of 923,525. The company's 50 day moving average price is $96.35 and its 200-day moving average price is $76.75. The firm has a market cap of $6.41 billion, a PE ratio of 39.31 and a beta of 1.44. 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 Co. has a 52 week low of $48.33 and a 52 week high of $120.25.

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

Primoris Services Announces Dividend

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 issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's dividend payout ratio is 7.26%.

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.