PFW Advisors LLC Invests $243,000 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 acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,124 shares of the construction company's stock, valued at approximately $243,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PRIM. Versant Capital Management Inc grew its stake in shares of 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 buying an additional 347 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Primoris Services by 6,687.5% during the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock valued at $42,000 after purchasing an additional 535 shares during the period. Brooklyn Investment Group lifted its holdings in shares of 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 in the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after buying an additional 194 shares during the last quarter. Finally, Sound Income Strategies LLC purchased a new position in Primoris Services in the 1st quarter valued at approximately $45,000. Institutional investors own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. KeyCorp raised their target price on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. JPMorgan Chase & Co. boosted their target price on 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 raised their target price 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. UBS Group boosted their price target on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $103.70.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 20,000 shares of Primoris Services 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 sale, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares of the company's stock, valued at $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,941 shares of company stock valued at $4,165,371. Company insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

PRIM stock traded up $1.68 during midday trading on Friday, reaching $128.53. The company had a trading volume of 1,775,049 shares, compared to its average volume of 923,560. The stock has a 50 day moving average price of $107.80 and a 200 day moving average price of $81.92. The firm has a market capitalization of $6.94 billion, a PE ratio of 42.56 and a beta of 1.42. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $129.02. 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 (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

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 issued a $0.08 dividend. 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 dividend payout ratio (DPR) is presently 7.26%.

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.