Nishkama Capital LLC Has $9.98 Million Holdings in Primoris Services Co. $PRIM

Key Points

• Nishkama Capital LLC increased its position in Primoris Services Co. by 205.5%, acquiring an additional 116,888 shares, resulting in a total of 173,775 shares owned.
• Primoris Services has received positive ratings from several analysts, with an average rating of "Moderate Buy" and a consensus target price of $101.67.
• The company reported strong earnings, with $1.68 EPS in its latest quarter, surpassing estimates and showing a 20.9% year-over-year revenue increase.

Nishkama Capital LLC raised its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 205.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 173,775 shares of the construction company's stock after buying an additional 116,888 shares during the period. Primoris Services accounts for about 1.1% of Nishkama Capital LLC's investment portfolio, making the stock its 13th biggest position. Nishkama Capital LLC owned 0.32% of Primoris Services worth $9,976,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PRIM. Nuveen LLC acquired a new position in Primoris Services in the first quarter valued at about $111,497,000. Fuller & Thaler Asset Management Inc. boosted its position in Primoris Services by 122.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after buying an additional 980,940 shares in the last quarter. Pacer Advisors Inc. acquired a new position in Primoris Services in the first quarter valued at about $24,133,000. Encompass Capital Advisors LLC boosted its position in Primoris Services by 110.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 473,288 shares of the construction company's stock valued at $36,159,000 after buying an additional 248,559 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Primoris Services by 97.5% in the fourth quarter. BNP Paribas Financial Markets now owns 487,831 shares of the construction company's stock valued at $37,270,000 after buying an additional 240,882 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on PRIM shares. Guggenheim boosted their target price on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. UBS Group boosted their target price 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 target price on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Piper Sandler boosted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and an average target price of $101.67.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction that occurred 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 owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.40% of the company's stock.

Primoris Services Trading Up 2.1%

NASDAQ:PRIM traded up $2.42 during trading hours on Thursday, hitting $119.78. The stock had a trading volume of 978,207 shares, compared to its average volume of 922,825. Primoris Services Co. has a one year low of $48.33 and a one year high of $120.22. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $6.47 billion, a price-to-earnings ratio of 39.66 and a beta of 1.44. The business's 50 day moving average is $95.46 and its 200-day moving average is $76.46.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its 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 firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the firm earned $1.04 earnings per share. The business'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. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

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.