Bosun Asset Management LLC Sells 4,025 Shares of Primoris Services Co. $PRIM

Key Points

• Bosun Asset Management LLC reduced its stake in Primoris Services Co. by 45%, now holding 4,925 shares worth approximately $283,000.
• Primoris Services reported earnings of $1.68 per share for the last quarter, exceeding analysts' expectations by 58 cents and showing a 20.9% revenue increase year-over-year.
• The company announced a quarterly dividend of $0.08 per share to be paid on October 15th, representing a 0.3% yield and a dividend payout ratio of 7.26%.

Bosun Asset Management LLC trimmed its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 45.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,925 shares of the construction company's stock after selling 4,025 shares during the period. Bosun Asset Management LLC's holdings in Primoris Services were worth $283,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Versant Capital Management Inc raised its position in Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares during the last quarter. Brooklyn Investment Group boosted its position in 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 acquiring an additional 544 shares during the last quarter. Sound Income Strategies LLC bought a new position in shares of Primoris Services during the 1st quarter worth approximately $45,000. Twin Tree Management LP acquired a new stake in shares of Primoris Services in the first quarter valued at approximately $59,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Primoris Services in the first quarter valued at approximately $68,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Trading Up 1.9%

Shares of NASDAQ:PRIM opened at $117.29 on Friday. Primoris Services Co. has a 52-week low of $48.33 and a 52-week 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. The company has a market capitalization of $6.34 billion, a P/E ratio of 38.84 and a beta of 1.42. The company has a 50-day simple moving average of $99.48 and a 200 day simple moving average of $77.93.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates 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 previous year, the business earned $1.04 earnings per share. The business's revenue was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Sell-side analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently weighed in on PRIM. DA Davidson raised their target price on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. UBS Group increased their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. KeyCorp raised their price objective on Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a report on Tuesday. Mizuho initiated coverage on Primoris Services in a report on Thursday. They set a "neutral" rating and a $112.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $103.70.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction 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 completion of the transaction, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.90% of the stock is 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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