Primoris Services Co. $PRIM Stock Holdings Reduced by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP reduced its stake in Primoris Services Co. by 5.0%, selling 156,414 shares during the first quarter, leaving it with approximately 2,990,609 shares.
• Primoris Services reported a strong earnings performance with $1.68 earnings per share for the quarter, surpassing analysts' expectations, and its revenue of $1.89 billion reflected a 20.9% year-over-year increase.
• The company recently declared a quarterly dividend of $0.08 per share, set to be paid on October 15th, indicating a 0.3% dividend yield and a payout ratio of 7.26%.

Dimensional Fund Advisors LP trimmed its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 5.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,990,609 shares of the construction company's stock after selling 156,414 shares during the quarter. Dimensional Fund Advisors LP owned about 5.54% of Primoris Services worth $171,685,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc lifted its stake in shares of 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 acquiring an additional 347 shares during the period. Sound Income Strategies LLC purchased a new position in Primoris Services during the first quarter worth about $45,000. Headlands Technologies LLC acquired a new stake in Primoris Services in the first quarter valued at about $68,000. Farther Finance Advisors LLC boosted its holdings in Primoris Services by 166.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock valued at $118,000 after purchasing an additional 1,274 shares in the last quarter. Finally, Blue Trust Inc. increased its position in Primoris Services by 130.9% during the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock worth $130,000 after purchasing an additional 1,279 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PRIM shares. Piper Sandler raised their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. DA Davidson boosted their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Janney Montgomery Scott assumed coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target for the company. UBS Group lifted their target price on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, Guggenheim boosted their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. 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, Primoris Services currently has a consensus rating of "Moderate Buy" and an average target price of $101.67.

Primoris Services Stock Performance

NASDAQ:PRIM traded up $1.3650 during mid-day trading on Monday, hitting $115.7850. The stock had a trading volume of 101,103 shares, compared to its average volume of 920,817. 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 company has a 50 day simple moving average of $92.07 and a 200-day simple moving average of $75.36. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of 38.36 and a beta of 1.44. Primoris Services Co. has a 52 week low of $48.33 and a 52 week high of $116.58.

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

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 20,000 shares of Primoris Services 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 transaction, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.40% of the company's stock.

Primoris Services 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.