Primoris Services Co. $PRIM Stake Raised by Redhawk Wealth Advisors Inc.

Key Points

• Redhawk Wealth Advisors Inc. increased its stake in Primoris Services Co. by 16.2%, owning 42,985 shares valued at approximately $3.35 million.
• In recent transactions, Primoris Services' Director Michael E. Ching sold 2,935 shares while another director, John P. Schauerman, sold 20,000 shares, indicating significant insider trading activity.
• The company reported strong earnings, with $1.68 EPS surpassing analyst expectations, and set FY 2025 guidance between $4.900-$5.100 EPS.

Redhawk Wealth Advisors Inc. increased its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 16.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 42,985 shares of the construction company's stock after purchasing an additional 5,978 shares during the quarter. Redhawk Wealth Advisors Inc. owned 0.08% of Primoris Services worth $3,350,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of PRIM. Nuveen LLC bought a new position in Primoris Services during the 1st quarter valued at $111,497,000. Fuller & Thaler Asset Management Inc. raised its stake in shares of Primoris Services by 122.2% in 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 last quarter. Millennium Management LLC raised its position in shares of Primoris Services by 262.1% during the 1st 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 last quarter. Pacer Advisors Inc. acquired a new position in Primoris Services in the 1st quarter worth $24,133,000. Finally, Yaupon Capital Management LP raised its holdings in shares of Primoris Services by 1,103.7% in the 1st quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company's stock valued at $21,891,000 after purchasing an additional 349,637 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Up 1.3%

Shares of Primoris Services stock traded up $1.68 during trading on Friday, reaching $128.53. The stock had a trading volume of 1,775,049 shares, compared to its average volume of 923,560. The stock has a fifty day moving average price of $107.80 and a two-hundred day moving average price of $81.92. The company has a market capitalization of $6.94 billion, a price-to-earnings ratio of 42.56 and a beta of 1.42. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $129.02.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the business posted $1.04 EPS. The business's revenue 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. Sell-side analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. The ex-dividend date 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 presently 7.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PRIM shares. Guggenheim raised their price target on shares of Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. UBS Group increased their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Zacks Research cut shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. KeyCorp boosted their price objective on shares of Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research report on Tuesday, September 2nd. Finally, Janney Montgomery Scott began coverage on Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective for the company. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $103.70.

Insider Transactions at Primoris Services

In other news, Director Michael E. Ching sold 2,935 shares of the company's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value 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 represents a 23.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the company's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares of the company's stock, valued at $1,187,920. The trade was a 23.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,941 shares of company stock valued at $4,165,371 in the last 90 days. Insiders own 1.40% of the company's stock.

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.