Advisors Asset Management Inc. Boosts Holdings in Primoris Services Co. $PRIM

Key Points

• Advisors Asset Management Inc. increased its position in Primoris Services Co. by 3.4% in Q1, owning 85,234 shares valued at approximately $4.89 million.
• Primoris Services reported a 20.9% increase in revenue year-over-year for the last quarter, reaching $1.89 billion, and surpassed earnings expectations by posting $1.68 per share.
• The company announced a quarterly dividend of $0.08 per share, with the ex-dividend date set for September 30th, representing an annual yield of 0.3%.

Advisors Asset Management Inc. grew its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 3.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 85,234 shares of the construction company's stock after acquiring an additional 2,841 shares during the period. Advisors Asset Management Inc. owned about 0.16% of Primoris Services worth $4,893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. First Manhattan CO. LLC. bought a new position in shares of Primoris Services during the 1st quarter valued at approximately $333,000. Cubist Systematic Strategies LLC grew its position in shares of Primoris Services by 227.5% during the 1st quarter. Cubist Systematic Strategies LLC now owns 425,033 shares of the construction company's stock valued at $24,401,000 after acquiring an additional 295,264 shares during the period. Decade Renewable Partners LP bought a new position in shares of Primoris Services during the 1st quarter valued at approximately $1,023,000. Quarry LP grew its position in shares of Primoris Services by 134.4% during the 1st quarter. Quarry LP now owns 1,268 shares of the construction company's stock valued at $73,000 after acquiring an additional 727 shares during the period. Finally, Twin Tree Management LP purchased a new stake in shares of Primoris Services during the 1st quarter valued at approximately $59,000. 91.82% of the stock is owned by institutional investors.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the director directly owned 82,281 shares of the company's stock, valued at approximately $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 accessible through the SEC website. Corporate insiders own 0.90% of the company's stock.

Primoris Services Trading Down 2.5%

Shares of PRIM stock traded down $2.88 on Tuesday, hitting $113.08. 1,189,498 shares of the company's stock traded hands, compared to its average volume of 920,283. 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 Co. has a one year low of $48.40 and a one year high of $120.25. The company's fifty day simple moving average is $100.96 and its 200 day simple moving average is $78.71. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 37.44 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. The business 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 company's revenue was up 20.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on PRIM shares. KeyCorp upped their price target on shares of Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Janney Montgomery Scott started coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. DA Davidson upped their price target on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. UBS Group upped their price target on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Finally, Mizuho assumed coverage on shares of Primoris Services in a research note on Thursday, September 4th. They set a "neutral" rating and a $112.00 price target on the stock. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and a consensus target price of $103.70.

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.