Petrus Trust Company LTA Makes New $596,000 Investment in Primoris Services Co. $PRIM

Key Points

• Petrus Trust Company LTA acquired a new stake in Primoris Services Co., purchasing 10,378 shares valued at approximately $596,000 in the first quarter.
• Primoris Services reported a quarterly earnings per share of $1.68, significantly beating analysts' consensus estimate of $1.10, while revenue rose by 20.9% year-over-year.
• The company announced a quarterly dividend of $0.08 per share, with an ex-dividend date set for September 30th.

Petrus Trust Company LTA acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 10,378 shares of the construction company's stock, valued at approximately $596,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Nuveen LLC acquired a new position in Primoris Services during the first quarter worth $111,497,000. Fuller & Thaler Asset Management Inc. boosted its position in Primoris Services by 122.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock worth $102,412,000 after purchasing an additional 980,940 shares in the last quarter. Congress Asset Management Co. lifted its position in shares of Primoris Services by 19.8% in the first quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock valued at $43,967,000 after acquiring an additional 126,430 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 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 valued at $43,362,000 after acquiring an additional 62,350 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 valued at $56,287,000 after acquiring an additional 40,805 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

PRIM has been the topic of several recent research reports. Zacks Research downgraded Primoris Services from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. KeyCorp upped their price objective on Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research report on Tuesday, September 2nd. UBS Group upped their price objective on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Mizuho initiated coverage on Primoris Services in a research report on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price objective on the stock. Finally, Janney Montgomery Scott initiated coverage on Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective on the stock. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and an average price target of $103.70.

Primoris Services Trading Down 0.4%

Primoris Services stock traded down $0.50 during trading on Friday, hitting $122.27. The company's stock had a trading volume of 296,223 shares, compared to its average volume of 917,600. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 40.48 and a beta of 1.42. The stock's fifty day moving average is $103.11 and its 200 day moving average is $79.62. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $124.77. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released 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. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders 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 annualized dividend and a yield of 0.3%. Primoris Services's dividend payout ratio is currently 7.26%.

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 dated 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 $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.40% of the stock is 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.