AMI Asset Management Corp Sells 8,499 Shares of Primoris Services Co. $PRIM

Key Points

• AMI Asset Management Corp reduced its stake in Primoris Services by 45.9%, selling 8,499 shares during the second quarter, leaving it with a total of 10,003 shares valued at approximately $780,000.
• Primoris Services reported earnings of $1.68 EPS for the last quarter, significantly exceeding expectations, and its revenue increased by 20.9% year-over-year to $1.89 billion.
• The company announced a quarterly dividend of $0.08 per share, representing an annual yield of 0.2%, with the ex-dividend date set for September 30th.

AMI Asset Management Corp lowered its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 45.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,003 shares of the construction company's stock after selling 8,499 shares during the quarter. AMI Asset Management Corp's holdings in Primoris Services were worth $780,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PRIM. Wealth Enhancement Advisory Services LLC bought a new stake in Primoris Services in the fourth quarter valued at about $200,000. 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 acquiring an additional 347 shares during the period. GAMMA Investing LLC increased its stake in Primoris Services by 7,798.2% in the first quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock valued at $748,000 after acquiring an additional 12,867 shares during the period. Rhumbline Advisers increased its stake in Primoris Services by 2.5% in the first quarter. Rhumbline Advisers now owns 85,584 shares of the construction company's stock valued at $4,913,000 after acquiring an additional 2,122 shares during the period. Finally, Horizons Wealth Management bought a new stake in Primoris Services during the first quarter worth about $231,000. Institutional investors own 91.82% of the company's stock.

Primoris Services Price Performance

PRIM opened at $139.91 on Thursday. Primoris Services Co. has a one year low of $49.10 and a one year high of $140.88. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company's 50 day simple moving average is $115.23 and its 200-day simple moving average is $85.65. The stock has a market capitalization of $7.56 billion, a P/E ratio of 46.33 and a beta of 1.42.

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. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same period in the prior year, the firm earned $1.04 earnings per share. Primoris Services'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. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

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

Insiders Place Their Bets

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the sale, the director owned 9,534 shares of the company's stock, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 25,941 shares of company stock valued at $3,004,821. Company insiders own 0.90% of the company's stock.

Wall Street Analyst Weigh In

PRIM has been the topic of several research analyst reports. DA Davidson upped their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective on the stock. KeyCorp upped their price objective on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Finally, Guggenheim upped their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and an average target price of $113.18.

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.

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