Fuller & Thaler Asset Management Inc. Grows Holdings in Primoris Services Co. $PRIM

Key Points

• Fuller & Thaler Asset Management Inc. increased its stake in Primoris Services Co. by 122.2%, acquiring an additional 980,940 shares, bringing its total ownership to 1,783,872 shares worth approximately $102 million.
• Primoris Services reported an earnings per share (EPS) of $1.68 for the last quarter, significantly exceeding analysts' expectations of $1.10, and showing a revenue increase of 20.9% year-over-year.
• The company declared a quarterly dividend of $0.08 per share, with the ex-dividend date set for September 30th, leading to an annual yield of 0.3%.

Fuller & Thaler Asset Management Inc. boosted its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 122.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,783,872 shares of the construction company's stock after purchasing an additional 980,940 shares during the quarter. Fuller & Thaler Asset Management Inc. owned approximately 3.30% of Primoris Services worth $102,412,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in Primoris Services by 34.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after purchasing an additional 3,561 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in Primoris Services in the 1st quarter worth approximately $231,000. SG Americas Securities LLC bought a new position in Primoris Services in the 1st quarter worth approximately $1,070,000. KBC Group NV boosted its stake in Primoris Services by 24.5% in the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after purchasing an additional 558 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock worth $3,514,000 after purchasing an additional 19,530 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PRIM shares. Guggenheim upped their price target on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. DA Davidson increased their target price on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. UBS Group increased their target price on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, KeyCorp increased their target price on Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $101.67.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction on 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 completion of the sale, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded up $2.7370 during midday trading on Friday, reaching $114.4370. 620,745 shares of the stock traded hands, compared to its average volume of 926,028. 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 stock has a market capitalization of $6.18 billion, a PE ratio of 37.89 and a beta of 1.44. Primoris Services Co. has a one year low of $48.33 and a one year high of $116.18. The company's 50 day moving average is $91.27 and its 200 day moving average is $75.12.

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, topping analysts' consensus estimates of $1.10 by $0.58. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.Primoris Services's revenue was up 20.9% on a year-over-year basis. During the same period last year, the company earned $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 dividend on an annualized basis and a yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is currently 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.