Primoris Services Co. $PRIM Shares Acquired by Inspire Investing LLC

Key Points

• Inspire Investing LLC significantly increased its stake in Primoris Services Co. by 170.5%, acquiring an additional 10,272 shares during the second quarter, now holding shares valued at $1.27 million.
• Several hedge funds have also made substantial investments in Primoris Services, with Nuveen LLC acquiring a position valued at approximately $111.5 million in the first quarter alone.
• Wall Street analysts show optimism for Primoris Services, with most analysts rating the stock as a "Buy" and a consensus target price of $125.17, signaling potential for growth.

Inspire Investing LLC lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 170.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,295 shares of the construction company's stock after acquiring an additional 10,272 shares during the quarter. Inspire Investing LLC's holdings in Primoris Services were worth $1,270,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PRIM. Nuveen LLC acquired a new position in shares of Primoris Services during the first quarter valued at approximately $111,497,000. Fuller & Thaler Asset Management Inc. increased its stake in shares of Primoris Services by 122.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after acquiring an additional 980,940 shares during the period. Millennium Management LLC increased its stake in shares of Primoris Services by 262.1% during the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock valued at $41,818,000 after acquiring an additional 527,240 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Primoris Services during the first quarter valued at approximately $24,133,000. Finally, Yaupon Capital Management LP increased its stake in shares of Primoris Services by 1,103.7% during the first quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company's stock valued at $21,891,000 after acquiring an additional 349,637 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

PRIM has been the subject of a number of research reports. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price for the company. Roth Capital initiated coverage on shares of Primoris Services in a report on Thursday. They set a "buy" rating and a $170.00 target price for the company. UBS Group raised their target price on shares of Primoris Services from $135.00 to $158.00 and gave the stock a "buy" rating in a report on Wednesday, October 1st. Zacks Research cut shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Finally, Glj Research initiated coverage on shares of Primoris Services in a report on Monday, September 22nd. They set a "buy" rating and a $160.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and a consensus target price of $125.17.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction 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 owned 82,281 shares of the company's stock, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction 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 sale, the director directly owned 9,534 shares of the company's stock, valued at $1,143,031.26. This trade represents a 23.54% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,941 shares of company stock valued at $3,004,821. Company insiders own 1.40% of the company's stock.

Primoris Services Trading Down 3.7%

Primoris Services stock opened at $132.43 on Friday. The company has a 50 day moving average price of $121.54 and a 200 day moving average price of $89.37. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $142.84. 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 has a market capitalization of $7.15 billion, a price-to-earnings ratio of 43.85 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $1.69 billion. During the same quarter last year, the business posted $1.04 EPS. The company's revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

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.

Want to see what other hedge funds are holding PRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primoris Services Co. (NASDAQ:PRIM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.