Primoris Services Co. $PRIM Holdings Raised by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Primoris Services Co. by 75.0%, owning approximately 0.15% of the company, valued at $4.53 million by the end of the last quarter.
• Primoris Services reported a quarterly earnings per share (EPS) of $1.68, exceeding analyst expectations of $1.10, along with a 20.9% year-over-year revenue increase to $1.89 billion.
• The company declared a $0.08 quarterly dividend to be paid on October 15th, representing a 0.3% yield with a dividend payout ratio of 7.26%.

Hsbc Holdings PLC boosted its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 75.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,203 shares of the construction company's stock after buying an additional 34,381 shares during the quarter. Hsbc Holdings PLC owned approximately 0.15% of Primoris Services worth $4,531,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PRIM. MetLife Investment Management LLC increased its stake in shares of Primoris Services by 4.6% during the 4th quarter. MetLife Investment Management LLC now owns 32,273 shares of the construction company's stock worth $2,466,000 after purchasing an additional 1,414 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Primoris Services by 201.9% during the 4th quarter. Stifel Financial Corp now owns 19,844 shares of the construction company's stock worth $1,516,000 after purchasing an additional 13,270 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Primoris Services by 6.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 79,985 shares of the construction company's stock worth $6,112,000 after purchasing an additional 4,932 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Primoris Services during the 4th quarter worth $6,707,000. Finally, Northern Trust Corp increased its stake in shares of Primoris Services by 10.6% during the 4th quarter. Northern Trust Corp now owns 545,309 shares of the construction company's stock worth $41,662,000 after purchasing an additional 52,168 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $114.9430 on Tuesday. Primoris Services Co. has a 1 year low of $48.33 and a 1 year high of $116.58. The firm's fifty day simple moving average is $92.86 and its 200 day simple moving average is $75.61. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $6.21 billion, a PE ratio of 38.06 and a beta of 1.44.

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

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

Analysts Set New Price Targets

Several research analysts have recently commented on PRIM shares. Guggenheim increased their price target on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. KeyCorp increased their price target on shares of Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. DA Davidson increased their price target on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Finally, Piper Sandler raised their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and an average price target of $101.67.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction 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 directly owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.40% of the stock is owned by corporate insiders.

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.

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