Sei Investments Co. Purchases 5,091 Shares of Primoris Services Co. $PRIM

Key Points

• Sei Investments Co. has increased its stake in Primoris Services Co. by 9.9%, now owning approximately 0.10% of the company valued at $3,253,000.
• Primoris Services reported $1.68 earnings per share for the recent quarter, surpassing expectations of $1.10 by $0.58, with a year-over-year revenue increase of 20.9%.
• The company announced a quarterly dividend of $0.08 per share, representing an annualized dividend yield of 0.3%, scheduled to be paid on October 15th.

Sei Investments Co. boosted its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 9.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 56,664 shares of the construction company's stock after purchasing an additional 5,091 shares during the quarter. Sei Investments Co. owned about 0.10% of Primoris Services worth $3,253,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its stake in Primoris Services by 58.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 40,230 shares of the construction company's stock valued at $3,074,000 after acquiring an additional 14,877 shares during the period. Legal & General Group Plc grew its stake in Primoris Services by 1.0% in the fourth quarter. Legal & General Group Plc now owns 66,522 shares of the construction company's stock valued at $5,082,000 after acquiring an additional 646 shares during the period. Raymond James Financial Inc. acquired a new stake in Primoris Services in the fourth quarter valued at approximately $21,199,000. Summit Investment Advisors Inc. grew its stake in Primoris Services by 5.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after acquiring an additional 313 shares during the period. Finally, Barclays PLC grew its stake in Primoris Services by 14.2% in the fourth quarter. Barclays PLC now owns 130,292 shares of the construction company's stock valued at $9,954,000 after acquiring an additional 16,176 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $1.6870 during trading on Tuesday, reaching $111.0830. 552,487 shares of the stock traded hands, compared to its average volume of 931,712. Primoris Services Co. has a 52-week low of $48.33 and a 52-week high of $115.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a 50-day moving average of $88.97 and a 200-day moving average of $74.37. The stock has a market capitalization of $6.00 billion, a P/E ratio of 36.78 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter in the prior year, the firm earned $1.04 EPS. The business's revenue for the quarter 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. Analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders 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 yield of 0.3%. Primoris Services's payout ratio is presently 7.26%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Piper Sandler raised their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Janney Montgomery Scott initiated coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. KeyCorp lifted their target price on Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. lifted their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Guggenheim lifted their target price on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Primoris Services has an average rating of "Moderate Buy" and an average target price of $101.67.

Insider Transactions at Primoris Services

In other Primoris Services 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 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. The trade was a 19.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by 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.