Cannon Global Investment Management LLC Makes New Investment in Primoris Services Co. $PRIM

Key Points

• Cannon Global Investment Management LLC acquired 7,600 shares of Primoris Services Co., valued at approximately $592,000, making it the firm's 21st largest position in its portfolio.
• Several institutional investors have significantly increased their holdings in Primoris Services, indicating strong interest in the company, with 91.82% of the stock currently owned by such investors.
• Primoris Services recently reported strong financial results, with earnings per share of $1.68, beating estimates, and has set its FY 2025 guidance at 4.900-5.100 EPS.

Cannon Global Investment Management LLC acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,600 shares of the construction company's stock, valued at approximately $592,000. Primoris Services comprises about 1.2% of Cannon Global Investment Management LLC's portfolio, making the stock its 21st largest position.

Several other institutional investors and hedge funds have also made changes to their positions in PRIM. Allspring Global Investments Holdings LLC raised its holdings in shares of Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after acquiring an additional 3,561 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in Primoris Services during the first quarter worth about $231,000. KBC Group NV boosted its holdings in Primoris Services by 24.5% in the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock valued at $163,000 after purchasing an additional 558 shares during the last quarter. Advisor Resource Council acquired a new position in Primoris Services in the 1st quarter valued at about $749,000. Finally, Jump Financial LLC grew its stake in shares of Primoris Services by 550.4% in the 1st quarter. Jump Financial LLC now owns 109,486 shares of the construction company's stock valued at $6,286,000 after buying an additional 92,652 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the sale, the director owned 9,534 shares of the company's stock, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the sale, the chief operating officer owned 9,580 shares of the company's stock, valued at $1,187,920. This trade represents a 23.88% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,941 shares of company stock worth $3,004,821. Company insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $136.83 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $142.84. The firm's 50 day moving average is $124.66 and its two-hundred day moving average is $91.93. The firm has a market capitalization of $7.39 billion, a P/E ratio of 45.31 and a beta of 1.43.

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

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $0.08 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services's dividend payout ratio is presently 7.26%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Guggenheim reaffirmed a "neutral" rating on shares of Primoris Services in a research note on Wednesday. Glj Research started coverage on shares of Primoris Services in a research report on Monday, September 22nd. They issued a "buy" rating and a $160.00 target price on the stock. Roth Capital assumed coverage on shares of Primoris Services in a research note on Thursday, October 9th. They set a "buy" rating and a $170.00 target price for the company. DA Davidson boosted their price target on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, UBS Group upped their price objective on shares of Primoris Services from $135.00 to $158.00 and gave the stock a "buy" rating in a report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $128.42.

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.

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