BNP Paribas Financial Markets Increases Position in Primoris Services Co. $PRIM

Key Points

• BNP Paribas Financial Markets increased its holdings in Primoris Services Co. by 15.2% in the first quarter, bringing their total shares to 562,017 valued at approximately $32.27 million.
• The company recently reported earnings of $1.68 per share, exceeding analysts' expectations, with revenue growth of 20.9% year-over-year.
• Primoris Services announced a quarterly dividend of $0.08 per share, with a dividend yield of 0.3%, payable on October 15th.

BNP Paribas Financial Markets grew its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 15.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 562,017 shares of the construction company's stock after buying an additional 74,186 shares during the period. BNP Paribas Financial Markets owned 1.04% of Primoris Services worth $32,265,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Primoris Services by 34.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after buying an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in Primoris Services during the first quarter worth about $231,000. SG Americas Securities LLC purchased a new position in Primoris Services during the first quarter worth about $1,070,000. KBC Group NV raised its holdings in Primoris Services by 24.5% during the first quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after purchasing an additional 558 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Primoris Services by 7,798.2% during the first quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock worth $748,000 after purchasing an additional 12,867 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction that occurred 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 owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.40% of the company's stock.

Primoris Services Trading Down 0.7%

Shares of Primoris Services stock opened at $118.70 on Tuesday. Primoris Services Co. has a 12-month low of $48.33 and a 12-month high of $120.25. 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 stock has a market cap of $6.41 billion, a PE ratio of 39.31 and a beta of 1.44. The company has a 50-day moving average of $97.20 and a two-hundred day moving average of $77.09.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. The company had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the company posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PRIM. Piper Sandler increased their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Janney Montgomery Scott began coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. Guggenheim increased their price target 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. Finally, UBS Group increased 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. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and a consensus price target of $101.67.

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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