Congress Asset Management Co. Boosts Stake in Primoris Services Co. $PRIM

Key Points

• Congress Asset Management Co. increased its stake in Primoris Services Co. by 4.0%, owning 796,305 shares valued at $62,064,000 as of the latest SEC filing.
• Several institutional investors, including Nuveen LLC and Fuller & Thaler Asset Management, have made significant transactions, indicating strong interest as 91.82% of the stock is held by institutional investors.
• Primoris Services recently reported a quarterly earnings surprise, posting $1.68 earnings per share, surpassing estimates and showing a 20.9% increase in revenue year-over-year.

Congress Asset Management Co. lifted its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 4.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 796,305 shares of the construction company's stock after buying an additional 30,462 shares during the quarter. Congress Asset Management Co. owned 1.47% of Primoris Services worth $62,064,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Nuveen LLC purchased a new stake in shares of Primoris Services in the first quarter valued at approximately $111,497,000. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Primoris Services by 122.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after buying an additional 980,940 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Primoris Services by 9.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company's stock valued at $43,362,000 after buying an additional 62,350 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Primoris Services by 262.1% in the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock valued at $41,818,000 after buying an additional 527,240 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of Primoris Services by 15.2% in the first quarter. BNP Paribas Financial Markets now owns 562,017 shares of the construction company's stock valued at $32,265,000 after buying an additional 74,186 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on PRIM shares. Glj Research started coverage on Primoris Services in a research report on Monday. They set a "buy" rating and a $160.00 target price on the stock. Zacks Research downgraded Primoris Services from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. UBS Group boosted their target price on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Guggenheim boosted their target price on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. Finally, Janney Montgomery Scott started coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $108.82.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction 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 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 legal filing with the SEC, which is available through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the company's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares of the company's stock, valued at $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,941 shares of company stock valued at $3,004,821 over the last three months. 1.40% of the stock is currently owned by insiders.

Primoris Services Stock Performance

NASDAQ PRIM opened at $129.91 on Friday. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $135.73. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 43.02 and a beta of 1.42. The business has a fifty day moving average of $111.38 and a 200-day moving average of $83.69. 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 (NASDAQ:PRIM - Get Free Report) last released 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 company had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same period in the previous year, the firm posted $1.04 earnings per share. The business'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. As a group, analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's payout ratio is 7.26%.

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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