Harbor Capital Advisors Inc. Raises Position in Primoris Services Co. $PRIM

Key Points

• Harbor Capital Advisors Inc. increased its stake in Primoris Services Co. by 48.4%, now owning 38,006 shares valued at approximately $2.96 million.
• Insider sales were reported, with COO Jeremy Kinch and Director Michael E. Ching reducing their holdings by 23.88% and 23.54% respectively.
• Primoris Services announced a quarterly dividend of $0.08 per share, reflecting a yield of 0.3% and a payout ratio of 7.26%.

Harbor Capital Advisors Inc. grew its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 48.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,006 shares of the construction company's stock after purchasing an additional 12,396 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.07% of Primoris Services worth $2,962,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Nuveen LLC bought a new position in shares of Primoris Services during the 1st quarter valued at about $111,497,000. Fuller & Thaler Asset Management Inc. increased its position in shares of Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after purchasing an additional 980,940 shares during the last quarter. Congress Asset Management Co. increased its position in shares of Primoris Services by 19.8% during the 1st quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock valued at $43,967,000 after purchasing an additional 126,430 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Primoris Services by 9.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company's stock worth $43,362,000 after acquiring an additional 62,350 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Primoris Services by 262.1% in the 1st quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock worth $41,818,000 after buying an additional 527,240 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Janney Montgomery Scott assumed coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price for the company. DA Davidson raised their target price on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Mizuho assumed coverage on Primoris Services in a research note on Thursday, September 4th. They issued a "neutral" rating and a $112.00 target price for the company. UBS Group raised their target price on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Finally, Guggenheim raised their target price on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $103.70.

Primoris Services Stock Performance

NASDAQ:PRIM traded up $1.68 during mid-day trading on Friday, hitting $128.53. 1,775,049 shares of the company traded hands, compared to its average volume of 923,560. The stock's fifty day moving average price is $107.80 and its 200-day moving average price is $81.92. Primoris Services Co. has a one year low of $49.10 and a one year high of $129.02. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 42.56 and a beta of 1.42.

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

Primoris Services Dividend Announcement

The firm also recently disclosed 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. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

Insider Activity

In other news, Director Michael E. Ching sold 2,935 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director directly owned 9,534 shares in the company, valued at $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of the firm's 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 transaction, the director owned 82,281 shares of the company's stock, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,941 shares of company stock worth $4,165,371 over the last ninety days. Corporate insiders own 1.40% of the company's stock.

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.