Primoris Services Co. $PRIM Shares Purchased by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC increased its stake in Primoris Services Co. by 65.1%, acquiring an additional 65,827 shares during the first quarter, bringing its total ownership to approximately $9.6 million.
• Primoris Services reported a 20.9% year-over-year revenue growth in the last quarter, with earnings per share of $1.68, surpassing analysts' expectations.
• The company announced a quarterly dividend of $0.08 per share, indicating a 0.3% dividend yield, with the payment scheduled for October 15th.

AQR Capital Management LLC boosted its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 65.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 167,019 shares of the construction company's stock after buying an additional 65,827 shares during the quarter. AQR Capital Management LLC owned approximately 0.31% of Primoris Services worth $9,589,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRIM. Versant Capital Management Inc lifted its stake in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after purchasing an additional 347 shares during the period. Brooklyn Investment Group lifted its stake in shares of Primoris Services by 3,626.7% during the 1st 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 period. Sound Income Strategies LLC purchased a new position in shares of Primoris Services during the 1st quarter worth $45,000. Twin Tree Management LP purchased a new position in shares of Primoris Services during the 1st quarter worth $59,000. Finally, Headlands Technologies LLC purchased a new position in shares of Primoris Services during the 1st quarter worth $68,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were 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 in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is owned by corporate insiders.

Primoris Services Stock Performance

NASDAQ PRIM traded down $0.76 during trading hours on Friday, reaching $122.00. The company's stock had a trading volume of 646,205 shares, compared to its average volume of 919,655. 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 business has a 50-day simple moving average of $103.86 and a 200 day simple moving average of $79.97. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $124.77. The stock has a market cap of $6.59 billion, a PE ratio of 40.40 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. The company had revenue of $1.89 billion for 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 business's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. DA Davidson upped their price objective on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. UBS Group upped their price objective on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. KeyCorp upped their price objective on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Janney Montgomery Scott initiated coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. Finally, Zacks Research downgraded Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus price target of $103.70.

Primoris Services 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.