PFW Advisors LLC Acquires New Holdings in Primoris Services Co. $PRIM

Key Points

• PFW Advisors LLC invested approximately $243,000 in Primoris Services Co., acquiring 3,124 shares during the 2nd quarter.
• Primoris Services has received a mix of ratings from analysts, with a consensus rating of "Moderate Buy" and an average target price of $103.70.
• The company recently announced a quarterly dividend of $0.08 per share, set to be paid on October 15th, reflecting a 0.3% yield.

PFW Advisors LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,124 shares of the construction company's stock, valued at approximately $243,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PRIM. Versant Capital Management Inc increased its holdings in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares during the period. Brooklyn Investment Group increased its holdings in Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after purchasing an additional 544 shares during the period. Parallel Advisors LLC grew its holdings in Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after acquiring an additional 535 shares during the period. NewEdge Advisors LLC grew its holdings in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after acquiring an additional 194 shares during the period. Finally, Sound Income Strategies LLC acquired a new stake in Primoris Services during the 1st quarter worth about $45,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the transaction, the director owned 82,281 shares in the company, valued at $9,380,856.81. The trade was a 19.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jeremy Kinch sold 3,006 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. The trade was a 23.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,941 shares of company stock worth $4,165,371 over the last 90 days. 1.40% of the stock is owned by company insiders.

Primoris Services Stock Performance

Primoris Services stock traded up $1.68 during mid-day trading on Friday, reaching $128.53. The company's stock had a trading volume of 1,775,049 shares, compared to its average volume of 923,560. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $129.02. The company has a market capitalization of $6.94 billion, a P/E ratio of 42.56 and a beta of 1.42. 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 firm's fifty day moving average price is $106.96 and its two-hundred day moving average price is $81.41.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly 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 period last year, the firm earned $1.04 EPS. The business's quarterly revenue was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Sell-side analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. Primoris Services's payout ratio is currently 7.26%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PRIM. Mizuho began coverage on Primoris Services in a report on Thursday, September 4th. They set a "neutral" rating and a $112.00 price target for the company. JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. DA Davidson increased 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 raised their price target on shares of Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research report on Tuesday, September 2nd. Finally, Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective for the company. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and a consensus price target of $103.70.

Primoris Services 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.