MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 47.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 387,958 shares of the construction company's stock after selling 348,782 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.72% of Primoris Services worth $22,273,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Nuveen LLC acquired a new stake in shares of Primoris Services during the first quarter worth $111,497,000. Fuller & Thaler Asset Management Inc. raised its position in Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock worth $102,412,000 after buying an additional 980,940 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Primoris Services in the 1st quarter worth $24,133,000. Cubist Systematic Strategies LLC lifted its stake in shares of Primoris Services by 227.5% in the 1st quarter. Cubist Systematic Strategies LLC now owns 425,033 shares of the construction company's stock worth $24,401,000 after acquiring an additional 295,264 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Primoris Services by 269.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 314,943 shares of the construction company's stock valued at $18,081,000 after acquiring an additional 229,719 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.
Analysts Set New Price Targets
Several research firms recently issued reports on PRIM. UBS Group increased their price target on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. KeyCorp increased their target price on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. DA Davidson lifted their price target on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Janney Montgomery Scott initiated coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.70.
Check Out Our Latest Research Report on Primoris Services
Primoris Services Price Performance
PRIM traded down $0.47 during midday trading on Friday, reaching $122.29. 373,325 shares of the company's stock were exchanged, compared to its average volume of 917,974. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $124.77. The stock has a market capitalization of $6.61 billion, a PE ratio of 40.48 and a beta of 1.42. 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 business's 50-day moving average price is $103.11 and its 200 day moving average price is $79.62.
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 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 analysts' expectations of $1.69 billion. During the same period last year, the company posted $1.04 EPS. The company's 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. As a group, equities analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.
Primoris Services Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's dividend payout ratio is currently 7.26%.
Insider Activity
In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the sale, the director owned 82,281 shares of the company's stock, valued at $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by corporate insiders.
Primoris Services Profile
(
Free Report)
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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