First Manhattan CO. LLC. Buys New Position in Primoris Services Co. $PRIM

Key Points

• First Manhattan CO. LLC. has acquired a new position in Primoris Services Co., purchasing 5,800 shares valued at approximately $333,000 during the first quarter.
• Several institutional investors increased their stakes in Primoris Services, with Brooklyn Investment Group raising theirs by 3,626.7%.
• Primoris Services reported strong financial results, topping consensus EPS estimates by $0.58, with a revenue increase of 20.9% year-over-year.

First Manhattan CO. LLC. bought a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,800 shares of the construction company's stock, valued at approximately $333,000.

Several other institutional investors have also recently added to or reduced their stakes in PRIM. Versant Capital Management Inc raised its stake in Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares during the last quarter. Brooklyn Investment Group raised its stake in Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after purchasing an additional 544 shares during the last quarter. Sound Income Strategies LLC acquired a new position in Primoris Services in the 1st quarter valued at about $45,000. Twin Tree Management LP acquired a new position in Primoris Services in the 1st quarter valued at about $59,000. Finally, Headlands Technologies LLC acquired a new position in Primoris Services in the 1st quarter valued at about $68,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PRIM shares. KeyCorp boosted their target price on shares of Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research note on Tuesday. Janney Montgomery Scott started coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. UBS Group upped their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Guggenheim upped their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $102.78.

Insider Transactions at Primoris Services

In related 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 transaction of $2,280,200.00. Following the completion of the sale, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.90% of the company's stock.

Primoris Services Stock Down 0.7%

PRIM opened at $115.17 on Thursday. The firm has a 50 day moving average price of $98.71 and a 200 day moving average price of $77.62. The company has a market cap of $6.22 billion, a PE ratio of 38.14 and a beta of 1.42. Primoris Services Co. has a 1 year low of $48.33 and a 1 year high of $120.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Sell-side analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current 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 given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's dividend payout ratio is 7.26%.

Primoris Services Company 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.

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