35,000 Shares in Primoris Services Co. $PRIM Purchased by Ardsley Advisory Partners LP

Key Points

• Ardsley Advisory Partners LP has acquired a new stake in Primoris Services Co., purchasing 35,000 shares valued at approximately $2,009,000.
• Analysts have issued a "Moderate Buy" consensus rating for Primoris Services, with target prices ranging from $102.00 to $130.00 depending on the institution.
• Primoris Services recently declared a quarterly dividend of $0.08 per share, payable on October 15th, with a yield of 0.3%.

Ardsley Advisory Partners LP acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 35,000 shares of the construction company's stock, valued at approximately $2,009,000. Ardsley Advisory Partners LP owned about 0.06% of Primoris Services at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its stake in Primoris Services by 3.4% in the 1st quarter. Advisors Asset Management Inc. now owns 85,234 shares of the construction company's stock valued at $4,893,000 after acquiring an additional 2,841 shares during the last quarter. First Manhattan CO. LLC. purchased a new position in Primoris Services in the 1st quarter valued at about $333,000. Cubist Systematic Strategies LLC lifted its holdings in Primoris Services by 227.5% in the 1st quarter. Cubist Systematic Strategies LLC now owns 425,033 shares of the construction company's stock valued at $24,401,000 after purchasing an additional 295,264 shares in the last quarter. Decade Renewable Partners LP purchased a new position in Primoris Services in the 1st quarter valued at about $1,023,000. Finally, Quarry LP lifted its holdings in Primoris Services by 134.4% in the 1st quarter. Quarry LP now owns 1,268 shares of the construction company's stock valued at $73,000 after purchasing an additional 727 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction 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 sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Trading Down 0.4%

PRIM traded down $0.47 on Friday, reaching $116.78. 734,261 shares of the company's stock were exchanged, compared to its average volume of 920,619. The company's 50 day moving average is $100.21 and its 200-day moving average is $78.28. The company has a market cap of $6.31 billion, a price-to-earnings ratio of 38.67 and a beta of 1.42. Primoris Services Co. has a twelve month low of $48.33 and a twelve month high of $120.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (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 company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the company earned $1.04 earnings per share. Primoris Services's revenue for the quarter was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

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

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of recent research reports. UBS Group upped their target price on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Mizuho initiated coverage on shares of Primoris Services in a report on Thursday. They issued a "neutral" rating and a $112.00 target price on the stock. JPMorgan Chase & Co. upped their target price on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. DA Davidson increased their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, Guggenheim increased their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.