Driehaus Capital Management LLC Lowers Position in Primoris Services Co. $PRIM

Key Points

• Driehaus Capital Management LLC sold 92,763 shares, reducing its stake in Primoris Services by 41.7% during the first quarter, leaving them with 129,738 shares valued at approximately $7.4 million.
• Primoris Services reported strong earnings for the quarter, with a net income that beat expectations, posting $1.68 earnings per share against a forecast of $1.10, and revenue increasing 20.9% year-over-year.
• The company declared a quarterly dividend of $0.08, with an annualized dividend yield of 0.3%, to be paid on October 15th, reflecting a 7.26% payout ratio.

Driehaus Capital Management LLC decreased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 41.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 129,738 shares of the construction company's stock after selling 92,763 shares during the quarter. Driehaus Capital Management LLC owned about 0.24% of Primoris Services worth $7,448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of PRIM. Nuveen LLC bought a new stake in Primoris Services during the 1st quarter valued at $111,497,000. Fuller & Thaler Asset Management Inc. increased its holdings 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 worth $102,412,000 after purchasing an additional 980,940 shares during the period. Pacer Advisors Inc. bought a new position in shares of Primoris Services in the first quarter worth $24,133,000. Encompass Capital Advisors LLC increased its holdings in shares of Primoris Services by 110.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 473,288 shares of the construction company's stock worth $36,159,000 after purchasing an additional 248,559 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Primoris Services by 97.5% in the fourth quarter. BNP Paribas Financial Markets now owns 487,831 shares of the construction company's stock worth $37,270,000 after purchasing an additional 240,882 shares during the period. Institutional investors own 91.82% of the company's stock.

Primoris Services Trading Down 2.3%

Shares of NASDAQ:PRIM traded down $2.74 on Tuesday, reaching $115.81. 1,089,443 shares of the company traded hands, compared to its average volume of 924,525. The business's 50-day simple moving average is $97.94 and its 200 day simple moving average is $77.36. Primoris Services Co. has a 52 week low of $48.33 and a 52 week high of $120.25. The stock has a market capitalization of $6.26 billion, a P/E ratio of 38.35 and a beta of 1.44. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same period last year, the firm earned $1.04 earnings per share. The company'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, equities analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is presently 7.26%.

Insider Activity

In related news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction dated 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 sale, 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 document filed with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PRIM shares. Janney Montgomery Scott started coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. UBS Group upped their price target on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. KeyCorp upped their price target on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a report on Tuesday. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Finally, DA Davidson upped their target price on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $102.78.

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.