Counterpoint Mutual Funds LLC Invests $407,000 in Primoris Services Co. $PRIM

Key Points

• Counterpoint Mutual Funds LLC invested approximately $407,000 in Primoris Services Co., acquiring 5,218 shares during the 2nd quarter.
• Insider trading activity included substantial sales by Director Michael E. Ching and COO Jeremy Kinch, both reducing their ownership by over 23%.
• Primoris Services reported a quarterly revenue of $1.89 billion, significantly beating estimates and demonstrating a year-over-year growth of 20.9%.

Counterpoint Mutual Funds LLC acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 5,218 shares of the construction company's stock, valued at approximately $407,000.

Several other large investors have also bought and sold shares of PRIM. Versant Capital Management Inc grew its holdings in shares of Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares during the last quarter. Brooklyn Investment Group raised its holdings in Primoris Services by 3,626.7% in the 1st 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 last quarter. Parallel Advisors LLC lifted its position in Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock valued at $42,000 after acquiring an additional 535 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after purchasing an additional 194 shares during the last quarter. Finally, Sound Income Strategies LLC purchased a new stake in Primoris Services during the 1st quarter valued at $45,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Primoris Services Trading Down 0.3%

Shares of PRIM stock opened at $132.61 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a fifty day simple moving average of $109.64 and a two-hundred day simple moving average of $82.89. The firm has a market capitalization of $7.16 billion, a PE ratio of 43.91 and a beta of 1.42. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $135.73.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 EPS 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 for the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The business's 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. On average, analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. Primoris Services's dividend payout ratio (DPR) is presently 7.26%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PRIM. DA Davidson boosted their price target on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. UBS Group lifted their price objective on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Janney Montgomery Scott began coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. KeyCorp lifted their price target on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Finally, Glj Research assumed coverage on shares of Primoris Services in a report on Monday. They set a "buy" rating and a $160.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $108.82.

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.

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