Primoris Services Co. $PRIM Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in Primoris Services Co. by 47.9%, selling 956,951 shares during the first quarter, bringing its total down to 1,038,972 shares valued at approximately $59.6 million.
• Primoris Services announced a quarterly dividend of $0.08 per share, payable on October 15, with a current dividend yield of 0.3% and a payout ratio of 7.26%.
• Analysts have shown a positive outlook on Primoris Services, with several increasing their target prices, including DA Davidson raising it from $85 to $125, giving the company a "buy" rating.

Invesco Ltd. reduced its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 47.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,038,972 shares of the construction company's stock after selling 956,951 shares during the period. Invesco Ltd. owned about 1.92% of Primoris Services worth $59,647,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PRIM. Versant Capital Management Inc increased its stake in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after buying an additional 347 shares during the period. Sound Income Strategies LLC purchased a new stake in Primoris Services during the 1st quarter worth approximately $45,000. Headlands Technologies LLC purchased a new stake in Primoris Services during the 1st quarter worth approximately $68,000. Farther Finance Advisors LLC increased its stake in Primoris Services by 166.1% during the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after buying an additional 1,274 shares during the period. Finally, Blue Trust Inc. grew its holdings in Primoris Services by 130.9% during the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock worth $130,000 after acquiring an additional 1,279 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on PRIM. Janney Montgomery Scott began coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. Guggenheim boosted their price target on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday. Piper Sandler boosted their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. DA Davidson boosted their price target on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, KeyCorp boosted their price target on shares of Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $101.67.

Primoris Services Stock Down 1.5%

Shares of Primoris Services stock traded down $1.6870 during trading hours on Tuesday, hitting $111.0830. The company had a trading volume of 552,487 shares, compared to its average volume of 931,712. The company's 50-day moving average is $88.97 and its two-hundred day moving average is $74.37. Primoris Services Co. has a twelve month low of $48.33 and a twelve month high of $115.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $6.00 billion, a P/E ratio of 36.78 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its 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 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 analysts' expectations of $1.69 billion. During the same quarter in the prior year, the business posted $1.04 EPS. The company'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. Analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

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 paid a dividend of $0.08 per share. The ex-dividend date 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 currently 7.26%.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on 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 completion of the sale, the director owned 82,281 shares in the company, valued at $9,380,856.81. This represents a 19.55% decrease in their position. 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 currently owned by corporate insiders.

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.