Charles Schwab Investment Management Inc. Has $43.36 Million Stock Position in Primoris Services Co. $PRIM

Charles Schwab Investment Management Inc. lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 9.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 755,303 shares of the construction company's stock after purchasing an additional 62,350 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.40% of Primoris Services worth $43,362,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PRIM. Versant Capital Management Inc grew its position in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares during the last quarter. Sound Income Strategies LLC bought a new stake in shares of Primoris Services during the first quarter worth about $45,000. Farther Finance Advisors LLC grew its holdings in shares of Primoris Services by 166.1% during the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after purchasing an additional 1,274 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Primoris Services by 130.9% in the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after buying an additional 1,279 shares during the period. Finally, Canton Hathaway LLC raised its holdings in Primoris Services by 25.0% in the 1st quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company's stock valued at $144,000 after buying an additional 500 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Primoris Services Trading Down 1.5%

PRIM stock traded down $1.6870 during mid-day trading on Tuesday, reaching $111.0830. The company's stock had a trading volume of 552,487 shares, compared to its average volume of 931,712. Primoris Services Co. has a 12 month low of $48.33 and a 12 month high of $115.99. 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 business's 50 day moving average price is $89.76 and its 200 day moving average price is $74.62. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 36.78 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data 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 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 analyst estimates of $1.69 billion. During the same quarter in the previous year, the business posted $1.04 EPS. Primoris Services's revenue for the quarter 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. On average, equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

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 paid a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction dated 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 completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. DA Davidson boosted their target price 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. KeyCorp increased their price objective on Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. UBS Group lifted their target price on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Piper Sandler upped their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Janney Montgomery Scott started coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Primoris Services presently has a consensus rating of "Moderate Buy" and an average target price of $101.67.

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.