Ieq Capital LLC Raises Stock Position in Primoris Services Co. $PRIM

Key Points

• Ieq Capital LLC increased its stake in Primoris Services Co. by 192.9%, owning 9,078 shares valued at approximately $521,000 as of the latest SEC filing.
• Major institutional investors, including Stifel Financial Corp and Comerica Bank, also significantly increased their positions in Primoris Services during the last quarter.
• Primoris Services declared a quarterly dividend of $0.08 per share, resulting in an annualized yield of 0.3%, with the payout set for October 15th.

Ieq Capital LLC increased its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 192.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,078 shares of the construction company's stock after acquiring an additional 5,979 shares during the quarter. Ieq Capital LLC's holdings in Primoris Services were worth $521,000 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 the stock. Nishkama Capital LLC increased its holdings in Primoris Services by 205.5% in the 1st quarter. Nishkama Capital LLC now owns 173,775 shares of the construction company's stock worth $9,976,000 after acquiring an additional 116,888 shares in the last quarter. Virtus Advisers LLC purchased a new stake in shares of Primoris Services during the first quarter worth $1,461,000. Comerica Bank raised its position in shares of Primoris Services by 3.9% in the first quarter. Comerica Bank now owns 25,508 shares of the construction company's stock valued at $1,464,000 after buying an additional 946 shares during the last quarter. Freedom Investment Management Inc. lifted its stake in shares of Primoris Services by 4.3% in the first quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock worth $289,000 after buying an additional 207 shares in the last quarter. Finally, Oliver Luxxe Assets LLC lifted its stake in shares of Primoris Services by 3.8% in the first quarter. Oliver Luxxe Assets LLC now owns 31,833 shares of the construction company's stock worth $1,828,000 after buying an additional 1,171 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Trading Down 2.5%

NASDAQ PRIM traded down $2.88 during trading hours on Tuesday, reaching $113.08. The company had a trading volume of 151,569 shares, compared to its average volume of 914,078. The stock has a 50-day moving average of $100.96 and a 200 day moving average of $78.71. Primoris Services Co. has a 1-year low of $48.40 and a 1-year high of $120.25. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $6.11 billion, a P/E ratio of 37.47 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating 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 company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter in the prior year, the company posted $1.04 earnings per share. Primoris Services's revenue for the quarter 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, research analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.08 dividend. The ex-dividend date of this dividend 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 is presently 7.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. KeyCorp raised their price target on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Guggenheim raised their price target on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. UBS Group raised their price target on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, DA Davidson raised their price target on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and a consensus target price of $103.70.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by company insiders.

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.