Corient Private Wealth LP Raises Holdings in Primoris Services Corporation $PRIM

Key Points

• Corient Private Wealth LP more than doubled its Primoris Services stake in the second quarter, increasing holdings by 108.2% to 35,557 shares valued at approximately $3.52 million. Institutional investors collectively own 91.82% of the company.
• Primoris reported a quarterly loss of $0.27 per share, beating estimates by $0.08, while revenue fell 10.7% year over year to $1.69 billion. Shares opened at $77.20, near the lower end of their 52-week range.
• Analysts maintain a Moderate Buy consensus with an average price target of $129.62, substantially above the current share price. The company also declared a quarterly dividend of $0.08 per share, representing a 0.4% annualized yield.

Corient Private Wealth LP grew its stake in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 108.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,557 shares of the company's stock after acquiring an additional 18,480 shares during the quarter. Corient Private Wealth LP owned about 0.07% of Primoris Services worth $3,524,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRIM. Root Financial Partners LLC raised its holdings in shares of Primoris Services by 43.1% in the first quarter. Root Financial Partners LLC now owns 229 shares of the company's stock worth $33,000 after buying an additional 69 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in Primoris Services by 30.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company's stock worth $43,000 after acquiring an additional 81 shares during the last quarter. Covestor Ltd lifted its position in Primoris Services by 13.4% during the 4th quarter. Covestor Ltd now owns 719 shares of the company's stock worth $89,000 after acquiring an additional 85 shares during the period. IFP Advisors Inc lifted its position in Primoris Services by 18.6% during the 4th quarter. IFP Advisors Inc now owns 626 shares of the company's stock worth $78,000 after acquiring an additional 98 shares during the period. Finally, Keebeck Wealth Management grew its stake in Primoris Services by 3.5% during the 1st quarter. Keebeck Wealth Management now owns 3,710 shares of the company's stock valued at $531,000 after purchasing an additional 125 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Shares of NYSE PRIM opened at $77.20 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The firm has a 50-day simple moving average of $80.42 and a 200-day simple moving average of $111.46. Primoris Services Corporation has a 52 week low of $65.00 and a 52 week high of $205.50. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 30.27 and a beta of 1.43.

Primoris Services (NYSE:PRIM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.08. The firm had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.73 billion. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The business's revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.68 earnings per share. On average, equities analysts predict that Primoris Services Corporation will post 1.78 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. Primoris Services's dividend payout ratio is 12.55%.

Analyst Ratings Changes

PRIM has been the subject of a number of recent research reports. Cantor Fitzgerald raised their price target on shares of Primoris Services from $100.00 to $105.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Roth Capital reaffirmed a "buy" rating and issued a $100.00 price objective on shares of Primoris Services in a report on Monday, July 20th. Oppenheimer began coverage on shares of Primoris Services in a research report on Tuesday, July 7th. They set an "outperform" rating and a $135.00 target price for the company. UBS Group reaffirmed a "neutral" rating on shares of Primoris Services in a report on Monday, August 10th. Finally, Wolfe Research reaffirmed an "outperform" rating and set a $149.00 price target on shares of Primoris Services in a research report on Monday, June 15th. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $129.62.

About Primoris Services

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.

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