Apollon Wealth Management LLC Makes New $265,000 Investment in Primoris Services Co. $PRIM

Key Points

• Apollon Wealth Management LLC has made a new investment of $265,000 in Primoris Services Co., acquiring 3,399 shares during the second quarter.
• Primoris Services has received multiple upgrades from analysts, with price targets ranging from $125.00 to $170.00 and a consensus rating of "Moderate Buy."
• The company recently reported strong earnings, with an EPS of $1.68, surpassing estimates, alongside a 20.9% increase in quarterly revenue year-over-year.

Apollon Wealth Management LLC bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,399 shares of the construction company's stock, valued at approximately $265,000.

A number of other large investors also recently made changes to their positions in PRIM. Benson Investment Management Company Inc. purchased a new position in Primoris Services during the second quarter worth about $4,080,000. Inspire Investing LLC lifted its position in shares of Primoris Services by 170.5% during the 2nd quarter. Inspire Investing LLC now owns 16,295 shares of the construction company's stock worth $1,270,000 after buying an additional 10,272 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Primoris Services by 46.9% in the 2nd quarter. Blue Trust Inc. now owns 3,313 shares of the construction company's stock worth $258,000 after buying an additional 1,057 shares during the last quarter. Total Wealth Planning & Management Inc. grew its holdings in shares of Primoris Services by 9.5% in the second quarter. Total Wealth Planning & Management Inc. now owns 10,221 shares of the construction company's stock valued at $797,000 after acquiring an additional 887 shares in the last quarter. Finally, Blair William & Co. IL purchased a new stake in shares of Primoris Services during the second quarter valued at approximately $305,000. 91.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRIM shares. Jefferies Financial Group upped their price objective on Primoris Services from $128.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. Glj Research began coverage on shares of Primoris Services in a report on Monday, September 22nd. They issued a "buy" rating and a $160.00 price target on the stock. Zacks Research downgraded shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Roth Capital started coverage on shares of Primoris Services in a research report on Thursday, October 9th. They issued a "buy" rating and a $170.00 price objective on the stock. Finally, DA Davidson boosted their target price on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $128.42.

Primoris Services Stock Down 1.4%

PRIM opened at $136.83 on Friday. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $142.84. The company has a market cap of $7.39 billion, a PE ratio of 45.31 and a beta of 1.43. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $124.66 and a 200 day moving average of $92.16.

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 (EPS) 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 for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the business posted $1.04 earnings per share. The business's quarterly revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, sell-side analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

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

Insider Transactions at Primoris Services

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly owned 9,534 shares of the company's stock, valued at $1,143,031.26. This trade represents a 23.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jeremy Kinch sold 3,006 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at approximately $1,187,920. The trade was a 23.88% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,941 shares of company stock valued at $3,004,821. 1.40% of the stock is currently owned by corporate 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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