Deutsche Bank AG Sells 4,301 Shares of Primoris Services Co. $PRIM

Key Points

• Deutsche Bank AG has reduced its holdings in Primoris Services Co. by 8.9%, selling 4,301 shares and owning approximately 0.08% of the company, valued at $2.5 million.
• Several analysts have raised their price targets for Primoris Services, with Guggenheim setting a new target of $130.00, reflecting a strong buy recommendation.
• Primoris Services is set to pay a quarterly dividend of $0.08 on October 15th, representing an annualized yield of 0.3%.

Deutsche Bank AG reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,004 shares of the construction company's stock after selling 4,301 shares during the period. Deutsche Bank AG owned 0.08% of Primoris Services worth $2,526,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. First Trust Advisors LP raised its holdings in Primoris Services by 15.8% during the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock valued at $87,023,000 after buying an additional 155,347 shares in the last quarter. Congress Asset Management Co. raised its holdings in Primoris Services by 19.8% during the first quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock valued at $43,967,000 after buying an additional 126,430 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Primoris Services by 9.0% during 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Primoris Services by 5.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 736,740 shares of the construction company's stock worth $56,287,000 after purchasing an additional 40,805 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Primoris Services by 10.6% in the fourth quarter. Northern Trust Corp now owns 545,309 shares of the construction company's stock worth $41,662,000 after purchasing an additional 52,168 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of recent analyst reports. DA Davidson lifted their price objective on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Janney Montgomery Scott initiated coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective on the stock. KeyCorp lifted their price objective on Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" 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 research note on Tuesday, August 5th. Finally, JPMorgan Chase & Co. lifted their price objective on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $101.67.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were 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 owned 82,281 shares in the company, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.40% of the stock is owned by insiders.

Primoris Services Stock Performance

PRIM traded up $0.5230 on Monday, hitting $114.9430. 719,929 shares of the stock traded hands, compared to its average volume of 924,796. Primoris Services Co. has a 52 week low of $48.33 and a 52 week high of $116.58. 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 firm has a market capitalization of $6.21 billion, a PE ratio of 38.06 and a beta of 1.44. The business has a fifty day moving average price of $92.86 and a two-hundred day moving average price of $75.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.58. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, research analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

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.