Primoris Services Co. $PRIM Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC has reduced its holdings in Primoris Services Co. by 12.2% in Q1, now owning 430,303 shares valued at approximately $24.7 million.
• Primoris Services reported a substantial earnings beat in its last quarter with $1.68 EPS, exceeding estimates and achieving a revenue of $1.89 billion, up 20.9% year-over-year.
• The company announced a quarterly dividend of $0.08 per share, set to be paid on October 15th, reflecting a 0.3% dividend yield.

Lord Abbett & CO. LLC decreased its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 430,303 shares of the construction company's stock after selling 60,053 shares during the quarter. Lord Abbett & CO. LLC owned 0.80% of Primoris Services worth $24,704,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nuveen LLC purchased a new position in Primoris Services in the first quarter worth approximately $111,497,000. First Trust Advisors LP lifted its stake in Primoris Services by 15.8% in the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock worth $87,023,000 after acquiring an additional 155,347 shares during the last quarter. Congress Asset Management Co. lifted its stake in Primoris Services by 19.8% in the first quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock worth $43,967,000 after acquiring an additional 126,430 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Primoris Services by 9.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company's stock worth $43,362,000 after acquiring an additional 62,350 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Primoris Services by 5.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 736,740 shares of the construction company's stock worth $56,287,000 after acquiring an additional 40,805 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Shares of Primoris Services stock traded down $1.6870 during trading on Tuesday, reaching $111.0830. The company's stock had a trading volume of 552,487 shares, compared to its average volume of 931,712. The company has a 50-day moving average price of $88.97 and a two-hundred day moving average price of $74.37. The firm has a market cap of $6.00 billion, a PE ratio of 36.78 and a beta of 1.44. Primoris Services Co. has a fifty-two week low of $48.33 and a fifty-two week high of $115.99. The company has a current ratio of 1.38, a quick 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 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. The business had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

Analyst Ratings Changes

PRIM has been the subject of a number of recent research reports. Guggenheim lifted 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. UBS Group lifted 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. DA Davidson boosted their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. KeyCorp boosted their price objective on shares of Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Finally, Piper Sandler boosted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $101.67.

Insider Activity at Primoris Services

In other 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 transaction, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.40% of the stock is owned by insiders.

Primoris Services Company 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.