Clark Capital Management Group Inc. Acquires Shares of 70,009 Primoris Services Co. $PRIM

Key Points

• Clark Capital Management Group Inc. made a new investment of approximately $4.02 million in Primoris Services Co. by purchasing 70,009 shares during the first quarter.
• Primoris Services reported a 20.9% year-over-year revenue growth with revenue of $1.89 billion and an EPS of $1.68, surpassing analyst expectations.
• The company has announced a quarterly $0.08 dividend, with an annualized yield of 0.3%, payable on October 15th to shareholders of record by September 30th.

Clark Capital Management Group Inc. purchased a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 70,009 shares of the construction company's stock, valued at approximately $4,019,000. Clark Capital Management Group Inc. owned 0.13% of Primoris Services as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew 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 worth $27,000 after purchasing an additional 347 shares during the period. Brooklyn Investment Group grew its holdings in shares of Primoris Services by 3,626.7% in the first 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 period. Sound Income Strategies LLC bought a new stake in shares of Primoris Services in the first quarter worth $45,000. Twin Tree Management LP purchased a new stake in Primoris Services during the first quarter valued at $59,000. Finally, Headlands Technologies LLC bought a new position in Primoris Services in the first quarter valued at about $68,000. Institutional investors own 91.82% of the company's stock.

Primoris Services Price Performance

PRIM traded down $2.88 on Tuesday, hitting $113.08. 1,191,016 shares of the company's stock traded hands, compared to its average volume of 920,283. The company's 50 day simple moving average is $100.96 and its 200-day simple moving average is $78.71. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a one year low of $48.40 and a one year high of $120.25. The firm has a market cap of $6.11 billion, a price-to-earnings ratio of 37.44 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $1.89 billion during 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%. The company's revenue was up 20.9% on a year-over-year basis. During the same period last year, the firm posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, research analysts anticipate 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. Investors of record on Tuesday, September 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is currently 7.26%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PRIM shares. Mizuho started coverage on shares of Primoris Services in a research report on Thursday, September 4th. They set a "neutral" rating and a $112.00 price target for the company. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price for the company. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Guggenheim upped their price objective on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. Finally, DA Davidson lifted their target price on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and an average target price of $103.70.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm'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 transaction of $2,280,200.00. Following the completion of the transaction, the director owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.90% of the company's stock.

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.