PDT Partners LLC Has $1.44 Million Stock Holdings in Primoris Services Co. $PRIM

Key Points

• PDT Partners LLC has reduced its stake in Primoris Services Co. by 34.4%, now holding approximately 25,046 shares worth $1.44 million.
• Primoris Services reported an earnings per share (EPS) of $1.68 for the most recent quarter, significantly exceeding analysts' expectations of $1.10, with revenue up 20.9% year-over-year.
• The firm has recently announced a quarterly dividend of $0.08 per share, with a dividend yield of 0.3%, highlighting a modest payout ratio of 7.26%.

PDT Partners LLC cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 34.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,046 shares of the construction company's stock after selling 13,143 shares during the quarter. PDT Partners LLC's holdings in Primoris Services were worth $1,438,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Primoris Services by 34.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after purchasing an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Primoris Services during the first quarter worth approximately $231,000. SG Americas Securities LLC acquired a new position in shares of Primoris Services during the first quarter worth approximately $1,070,000. KBC Group NV boosted its position in shares of Primoris Services by 24.5% during the first quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after buying an additional 558 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Primoris Services by 7,798.2% during the first quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock worth $748,000 after buying an additional 12,867 shares during the period. 91.82% of the stock is owned by institutional investors.

Primoris Services Trading Down 0.4%

Shares of Primoris Services stock traded down $0.47 during trading on Friday, hitting $116.78. The stock had a trading volume of 734,261 shares, compared to its average volume of 920,619. The stock has a 50 day simple moving average of $100.21 and a 200 day simple moving average of $78.23. The company has a market capitalization of $6.31 billion, a PE ratio of 38.67 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 Co. has a 1 year low of $48.33 and a 1 year high of $120.25.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.58. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the firm posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, research analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. 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 (DPR) 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 completion of the sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. DA Davidson boosted their price objective on 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 Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research report on Tuesday. Guggenheim boosted their price objective on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. Mizuho started coverage on shares of Primoris Services in a research report on Thursday. They set a "neutral" rating and a $112.00 price target on the stock. Finally, UBS Group boosted their price target on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $103.70.

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.