Benson Investment Management Company Inc. Takes Position in Primoris Services Co. $PRIM

Key Points

• Benson Investment Management Company Inc. acquired a new stake in Primoris Services Co., purchasing 52,342 shares valued at approximately $4,080,000, which represents around 0.10% of the company's stock.
• Multiple hedge funds have increased their stakes in Primoris Services, with Inspire Investing LLC raising its holdings by 170.5% during the second quarter.
• Primoris Services reported strong quarterly earnings, achieving an EPS of $1.68, significantly above analysts' expectations, with revenue of $1.89 billion, indicating a year-over-year growth of 20.9%.

Benson Investment Management Company Inc. acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 52,342 shares of the construction company's stock, valued at approximately $4,080,000. Benson Investment Management Company Inc. owned approximately 0.10% of Primoris Services at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Inspire Investing LLC raised its holdings in shares of Primoris Services by 170.5% in the 2nd quarter. Inspire Investing LLC now owns 16,295 shares of the construction company's stock valued at $1,270,000 after purchasing an additional 10,272 shares in the last quarter. Blue Trust Inc. raised its stake in Primoris Services by 46.9% during the 2nd quarter. Blue Trust Inc. now owns 3,313 shares of the construction company's stock worth $258,000 after acquiring an additional 1,057 shares in the last quarter. Total Wealth Planning & Management Inc. raised its stake in Primoris Services by 9.5% during the 2nd quarter. Total Wealth Planning & Management Inc. now owns 10,221 shares of the construction company's stock worth $797,000 after acquiring an additional 887 shares in the last quarter. Blair William & Co. IL acquired a new stake in Primoris Services during the 2nd quarter worth $305,000. Finally, Tectonic Advisors LLC acquired a new stake in Primoris Services during the 2nd quarter worth $1,411,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on PRIM. Guggenheim lifted their price target 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. Jefferies Financial Group lifted their price target on shares of Primoris Services from $128.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday. DA Davidson lifted their price target 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. Zacks Research lowered shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. Finally, Mizuho began coverage on shares of Primoris Services in a research note on Thursday, September 4th. They set a "neutral" rating and a $112.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $125.17.

Primoris Services Trading Down 3.7%

NASDAQ PRIM opened at $132.43 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $7.15 billion, a PE ratio of 43.85 and a beta of 1.43. Primoris Services Co. has a one year low of $49.10 and a one year high of $142.84. The firm's fifty day moving average is $121.54 and its two-hundred day moving average is $89.17.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 EPS 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 analyst estimates of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

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

Insider Activity

In other news, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the sale, the director owned 9,534 shares of the company's stock, valued at $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction dated 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 completion of the sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,941 shares of company stock valued at $3,004,821 over the last quarter. Corporate insiders own 1.40% of the company's stock.

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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