Inspire Investing LLC Reduces Stock Holdings in Primoris Services Co. $PRIM

Key Points

• Inspire Investing LLC has reduced its stake in Primoris Services Co. by 61.3% during the first quarter, now holding 6,023 shares valued at approximately $346,000.
• Hedge funds and institutional investors control 91.82% of Primoris Services, with several firms, such as Yaupon Capital Management LP, significantly increasing their stakes.
• Analysts have mixed opinions on PRIM, with eight giving it a "Buy" rating and an average price target of $103.70, while Zacks Research downgraded it from "strong-buy" to "hold."

Inspire Investing LLC trimmed its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 61.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,023 shares of the construction company's stock after selling 9,531 shares during the quarter. Inspire Investing LLC's holdings in Primoris Services were worth $346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rhumbline Advisers grew its stake in Primoris Services by 2.5% during the 1st quarter. Rhumbline Advisers now owns 85,584 shares of the construction company's stock worth $4,913,000 after buying an additional 2,122 shares during the last quarter. Strs Ohio purchased a new position in Primoris Services during the 1st quarter worth $964,000. Intech Investment Management LLC grew its stake in Primoris Services by 89.9% during the 1st quarter. Intech Investment Management LLC now owns 53,378 shares of the construction company's stock worth $3,064,000 after buying an additional 25,267 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Primoris Services by 25.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company's stock worth $9,650,000 after buying an additional 33,818 shares during the last quarter. Finally, Yaupon Capital Management LP grew its stake in Primoris Services by 1,103.7% during the 1st quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company's stock worth $21,891,000 after buying an additional 349,637 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on PRIM shares. Mizuho started coverage on Primoris Services in a research report on Thursday, September 4th. They set a "neutral" rating and a $112.00 price target for the company. DA Davidson lifted their price target on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Janney Montgomery Scott started coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. KeyCorp lifted their price target on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Finally, Zacks Research cut Primoris Services from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Primoris Services presently has a consensus rating of "Moderate Buy" and an average target price of $103.70.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction dated 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 transaction, 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 SEC, which can be accessed through this hyperlink. Insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $122.00 on Monday. The stock has a market cap of $6.59 billion, a PE ratio of 40.40 and a beta of 1.42. The business has a 50-day simple moving average of $103.86 and a 200-day simple moving average of $80.08. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $124.77.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company's revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued 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%.

About Primoris Services

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.