Dynamic Technology Lab Private Ltd Purchases 54,331 Shares of Primoris Services Co. $PRIM

Key Points

• Dynamic Technology Lab Private Ltd significantly increased its stake in Primoris Services Co. by 358.6% in Q1, acquiring a total of 69,481 shares valued at approximately $3.99 million.
• Institutional investors hold 91.82% of Primoris Services, with multiple funds such as Versant Capital Management and Brooklyn Investment Group also boosting their investments during the same quarter.
• Primoris Services recently announced a quarterly dividend of $0.08 per share, representing an annualized yield of 0.3%, and reported a strong earnings beat with Q2 EPS at $1.68.

Dynamic Technology Lab Private Ltd grew its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 358.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 69,481 shares of the construction company's stock after buying an additional 54,331 shares during the period. Primoris Services accounts for approximately 0.6% of Dynamic Technology Lab Private Ltd's portfolio, making the stock its 6th largest position. Dynamic Technology Lab Private Ltd owned about 0.13% of Primoris Services worth $3,989,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Primoris Services by 34.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after buying an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Primoris Services in the first quarter valued at about $231,000. SG Americas Securities LLC purchased a new position in Primoris Services during the first quarter worth about $1,070,000. KBC Group NV raised its holdings in Primoris Services by 24.5% during the first quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after purchasing an additional 558 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Primoris Services by 7,798.2% during the first quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock worth $748,000 after purchasing an additional 12,867 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PRIM shares. Guggenheim increased their price target on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. KeyCorp increased 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, September 2nd. Mizuho started coverage on shares of Primoris Services in a report on Thursday, September 4th. They set a "neutral" rating and a $112.00 price target for the company. UBS Group increased 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. Finally, Zacks Research cut shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and a consensus price target of $103.70.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the 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 sale, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. This 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 the SEC website. 1.40% of the stock is owned by corporate insiders.

Primoris Services Price Performance

Primoris Services stock traded down $0.21 during mid-day trading on Friday, reaching $122.56. The company had a trading volume of 317,705 shares, compared to its average volume of 917,717. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $124.77. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $6.62 billion, a P/E ratio of 40.58 and a beta of 1.42. The stock's 50-day simple moving average is $103.11 and its 200-day simple moving average is $79.62.

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

Primoris Services Dividend Announcement

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

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.