Versor Investments LP Buys 13,393 Shares of Primoris Services Co. $PRIM

Key Points

• Versor Investments LP raised its stake in Primoris Services by 262.6% in Q1 2023, acquiring an additional 13,393 shares, bringing their total holdings to 18,493 shares valued at approximately $1,062,000.
• Primoris Services experienced a 20.9% year-over-year revenue growth for the recent quarter, reporting earnings per share of $1.68, significantly above the consensus estimate of $1.10.
• The company announced a quarterly dividend of $0.08 per share, with a payout ratio of 7.26%, set to be distributed on October 15th to shareholders of record on September 30th.

Versor Investments LP grew its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 262.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 18,493 shares of the construction company's stock after acquiring an additional 13,393 shares during the quarter. Versor Investments LP's holdings in Primoris Services were worth $1,062,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. DAVENPORT & Co LLC raised its holdings in Primoris Services by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock valued at $750,000 after buying an additional 175 shares during the period. Summit Investment Advisors Inc. raised its holdings in Primoris Services by 5.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after buying an additional 313 shares during the period. Versant Capital Management Inc raised its holdings in Primoris Services by 294.1% during 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. Total Wealth Planning & Management Inc. raised its holdings in Primoris Services by 5.4% during the 1st quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock valued at $536,000 after buying an additional 475 shares during the period. Finally, Canton Hathaway LLC raised its holdings in Primoris Services by 25.0% during the 1st quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company's stock valued at $144,000 after buying an additional 500 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the transaction, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.40% of the company's stock.

Primoris Services Stock Up 2.5%

Shares of PRIM traded up $2.7370 during midday trading on Friday, reaching $114.4370. 620,745 shares of the stock were exchanged, compared to its average volume of 926,077. Primoris Services Co. has a 52 week low of $48.33 and a 52 week high of $116.18. 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's 50 day moving average is $92.07 and its two-hundred day moving average is $75.39. The company has a market capitalization of $6.18 billion, a P/E ratio of 37.89 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted 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. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the company earned $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. On average, sell-side analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The company 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 of this dividend is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. Primoris Services's dividend payout ratio is presently 7.26%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Janney Montgomery Scott assumed coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. DA Davidson increased their price target on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Piper Sandler increased their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, Guggenheim increased their target price on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $101.67.

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.