Primoris Services Co. $PRIM Shares Sold by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. reduced its stake in Primoris Services Co. by 20.8% during the first quarter, resulting in ownership of 19,131 shares valued at approximately $1.1 million.
• Despite Graham Capital's reduction, several other hedge funds significantly increased their holdings, including Brooklyn Investment Group with a 3,626.7% increase.
• Primoris Services recently reported a strong quarterly performance with earnings of $1.68 per share, exceeding expectations and resulting in revenue growth of 20.9% year-over-year.

Graham Capital Management L.P. trimmed its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 20.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 19,131 shares of the construction company's stock after selling 5,039 shares during the period. Graham Capital Management L.P.'s holdings in Primoris Services were worth $1,098,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRIM. Versant Capital Management Inc grew its position in shares of Primoris Services by 294.1% in the first 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 grew its holdings in Primoris Services by 3,626.7% during 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 in the last quarter. Sound Income Strategies LLC acquired a new position in Primoris Services in the 1st quarter worth $45,000. Twin Tree Management LP bought a new stake in shares of Primoris Services in the 1st quarter worth about $59,000. Finally, Headlands Technologies LLC bought a new stake in shares of Primoris Services during the 1st quarter valued at about $68,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. KeyCorp raised their target price 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 assumed coverage on shares of Primoris Services in a report on Thursday. They set a "neutral" rating and a $112.00 price objective on the stock. DA Davidson lifted their target price 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. Guggenheim boosted their price target on shares of Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Finally, Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $103.70.

Insider Activity

In other news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction 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 owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.40% of the company's stock.

Primoris Services Trading Down 0.7%

Shares of NASDAQ:PRIM traded down $0.86 during trading on Monday, reaching $116.12. The stock had a trading volume of 369,367 shares, compared to its average volume of 917,224. The stock has a market cap of $6.27 billion, a price-to-earnings ratio of 38.45 and a beta of 1.42. Primoris Services Co. has a 52 week low of $48.40 and a 52 week high of $120.25. The firm's fifty day moving average is $100.21 and its 200 day moving average is $78.36. 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 quarterly earnings data 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. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the company posted $1.04 earnings per share. The firm's quarterly revenue 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 forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid 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 is Tuesday, September 30th. Primoris Services's dividend payout ratio (DPR) 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.