Intech Investment Management LLC Has $3.06 Million Stock Holdings in Primoris Services Co. $PRIM

Key Points

• Intech Investment Management LLC has increased its holdings in Primoris Services by 89.9%, acquiring an additional 25,267 shares for a total of 53,378 shares valued at $3.06 million.
• The company reported a 20.9% year-over-year increase in revenue, achieving $1.89 billion in the last quarter and beating analysts’ estimates for earnings per share of $1.68.
• Primoris Services announced a quarterly dividend of $0.08 per share, with an annualized payout yielding 0.3%, and will be paid on October 15th.

Intech Investment Management LLC increased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 89.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,378 shares of the construction company's stock after acquiring an additional 25,267 shares during the period. Intech Investment Management LLC owned about 0.10% of Primoris Services worth $3,064,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in PRIM. Versant Capital Management Inc boosted its position in 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 buying an additional 347 shares in the last quarter. Brooklyn Investment Group boosted its position in Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after buying an additional 544 shares in the last quarter. NewEdge Advisors LLC boosted its position in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after buying an additional 194 shares in the last quarter. Sound Income Strategies LLC acquired a new stake in Primoris Services in the first quarter valued at approximately $45,000. Finally, Twin Tree Management LP acquired a new stake in Primoris Services in the first quarter valued at approximately $59,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of Primoris Services 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 completion of the sale, the director directly 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 document filed with the SEC, which is accessible through this hyperlink. 1.40% of the stock is owned by corporate insiders.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $122.00 on Friday. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $124.77. The firm has a fifty day simple moving average of $103.86 and a 200 day simple moving average of $80.02. The company has a market capitalization of $6.59 billion, a PE ratio of 40.40 and a beta of 1.42. 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 (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share 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 firm earned $1.04 earnings per share. Primoris Services's quarterly revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 of this dividend is Tuesday, September 30th. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PRIM. Zacks Research lowered shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. Mizuho assumed coverage on shares of Primoris Services in a research note on Thursday, September 4th. They set a "neutral" rating and a $112.00 price target for the company. UBS Group raised their price target on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Finally, Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Primoris Services has an average rating of "Moderate Buy" and a consensus price target of $103.70.

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.

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