Primoris Services Co. $PRIM Shares Sold by Inspire Investing LLC

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

A number of other hedge funds also recently bought and sold shares of PRIM. Ethic Inc. acquired a new stake in Primoris Services in the 4th quarter valued at about $209,000. Janus Henderson Group PLC raised its holdings in Primoris Services by 16.7% in the 4th quarter. Janus Henderson Group PLC now owns 107,288 shares of the construction company's stock valued at $8,196,000 after acquiring an additional 15,356 shares during the last quarter. Man Group plc raised its holdings in Primoris Services by 37.9% in the 4th quarter. Man Group plc now owns 22,688 shares of the construction company's stock valued at $1,733,000 after acquiring an additional 6,237 shares during the last quarter. ProShare Advisors LLC raised its holdings in Primoris Services by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 15,054 shares of the construction company's stock valued at $1,150,000 after acquiring an additional 4,953 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC acquired a new stake in Primoris Services in the 4th quarter valued at about $5,909,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the firm'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 sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the sale, the chief operating officer owned 9,580 shares in the company, valued at $1,187,920. The trade was a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,941 shares of company stock valued at $4,165,371 in the last 90 days. Company insiders own 1.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Zacks Research cut shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. Mizuho assumed coverage on shares of Primoris Services in a research report on Thursday, September 4th. They set a "neutral" rating and a $112.00 price objective for the company. Guggenheim increased their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. Finally, Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and an average target price of $103.70.

Primoris Services Stock Up 1.3%

PRIM stock traded up $1.68 during midday trading on Friday, hitting $128.53. The company's stock had a trading volume of 1,775,049 shares, compared to its average volume of 923,560. 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 $129.02. The firm has a market capitalization of $6.94 billion, a P/E ratio of 42.56 and a beta of 1.42. The firm has a 50-day simple moving average of $107.80 and a 200-day simple moving average of $81.83.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter last year, the company posted $1.04 EPS. The firm's 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 year.

Primoris Services Dividend Announcement

The firm also recently declared 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. This represents a $0.32 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend 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.