Jacobs Levy Equity Management Inc. Has $18.08 Million Position in Primoris Services Co. $PRIM

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Primoris Services Co. by 269.5%, owning 314,943 shares worth approximately $18.08 million after acquiring 229,719 shares in the first quarter.
• Primoris Services reported quarterly earnings of $1.68 per share, exceeding estimates and showing a 20.9% year-over-year revenue increase to $1.89 billion.
• The company recently declared a quarterly dividend of $0.08 per share, with an annualized yield of 0.3%, set to be paid on October 15th to shareholders recorded by September 30th.

Jacobs Levy Equity Management Inc. raised its position in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 269.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 314,943 shares of the construction company's stock after acquiring an additional 229,719 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.58% of Primoris Services worth $18,081,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PRIM. Comerica Bank raised its stake in shares of Primoris Services by 1,261.5% in the fourth quarter. Comerica Bank now owns 24,562 shares of the construction company's stock valued at $1,877,000 after purchasing an additional 22,758 shares in the last quarter. Centiva Capital LP acquired a new position in Primoris Services in the fourth quarter worth about $306,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of Primoris Services in the 4th quarter worth approximately $4,327,000. Fiduciary Trust Co acquired a new position in shares of Primoris Services in the 4th quarter worth approximately $218,000. Finally, Ethic Inc. acquired a new position in shares of Primoris Services in the 4th quarter worth approximately $209,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of Primoris Services stock traded down $0.94 during midday trading on Friday, reaching $121.82. The company had a trading volume of 281,049 shares, compared to its average volume of 917,475. 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 company has a market capitalization of $6.58 billion, a price-to-earnings ratio of 40.41 and a beta of 1.42. The stock has a fifty day simple moving average of $103.11 and a 200 day simple moving average of $79.62. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $124.77.

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

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders 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 dividend yield of 0.3%. Primoris Services's payout ratio is currently 7.26%.

Insider Activity at Primoris Services

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 approximately $9,380,856.81. The trade was a 19.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PRIM has been the subject of several recent analyst reports. Janney Montgomery Scott initiated coverage on Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. UBS Group upped their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. DA Davidson raised their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Mizuho initiated coverage on shares of Primoris Services in a report on Thursday, September 4th. They set a "neutral" rating and a $112.00 price objective for the company. Finally, Guggenheim raised their price target on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, August 19th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $103.70.

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.