Primoris Services Co. $PRIM Shares Bought 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. boosted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 16.2% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 42,985 shares of the construction company's stock after acquiring an additional 5,978 shares during the quarter. Redhawk Wealth Advisors Inc. owned about 0.08% of Primoris Services worth $3,350,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Versant Capital Management Inc lifted its holdings in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock valued at $42,000 after buying an additional 535 shares during the period. Brooklyn Investment Group lifted its holdings in shares of Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after buying an additional 544 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after buying an additional 194 shares during the period. Finally, Sound Income Strategies LLC acquired a new position in shares of Primoris Services in the 1st quarter valued at about $45,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insiders Place Their Bets

In related news, Director Michael E. Ching sold 2,935 shares of the firm's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the transaction, the director owned 9,534 shares of the company's stock, valued at $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Jeremy Kinch sold 3,006 shares of Primoris Services stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the sale, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. This represents a 23.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,941 shares of company stock worth $4,165,371 over the last ninety days. Corporate insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

PRIM has been the subject of several analyst reports. Guggenheim boosted their price objective on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, August 19th. DA Davidson boosted their price objective on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Glj Research started coverage on Primoris Services in a report on Monday. They issued a "buy" rating and a $160.00 price objective for the company. Mizuho started coverage on Primoris Services in a report on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price target for the company. Finally, KeyCorp upped their price target on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $108.82.

Primoris Services Price Performance

NASDAQ:PRIM traded up $4.40 during trading hours on Monday, hitting $133.22. 864,805 shares of the stock were exchanged, compared to its average volume of 923,235. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $133.36. The firm's fifty day moving average price is $108.71 and its 200 day moving average price is $82.54. 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 cap of $7.20 billion, a P/E ratio of 44.11 and a beta of 1.42.

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 the consensus estimate of $1.10 by $0.58. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.Primoris Services's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, equities research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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

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.