Primoris Services Co. $PRIM Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in Primoris Services Co. by 7.0% in Q1, owning 258,063 shares worth approximately $14.8 million after selling 19,411 shares.
• Primoris Services reported $1.68 earnings per share for the last quarter, exceeding analysts' expectations, and set its FY 2025 guidance between $4.900 to $5.100 EPS.
• The company recently announced a quarterly dividend of $0.08 per share, representing an annual yield of 0.3%.

Raymond James Financial Inc. lowered its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 7.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 258,063 shares of the construction company's stock after selling 19,411 shares during the quarter. Raymond James Financial Inc. owned about 0.48% of Primoris Services worth $14,816,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PRIM. Stifel Financial Corp lifted its position in Primoris Services by 201.9% in the fourth quarter. Stifel Financial Corp now owns 19,844 shares of the construction company's stock valued at $1,516,000 after buying an additional 13,270 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Primoris Services by 6.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 79,985 shares of the construction company's stock valued at $6,112,000 after purchasing an additional 4,932 shares in the last quarter. Northern Trust Corp increased its stake in Primoris Services by 10.6% during the 4th quarter. Northern Trust Corp now owns 545,309 shares of the construction company's stock worth $41,662,000 after buying an additional 52,168 shares during the period. AQR Capital Management LLC increased its stake in Primoris Services by 112.5% during the 4th quarter. AQR Capital Management LLC now owns 101,192 shares of the construction company's stock worth $7,731,000 after buying an additional 53,577 shares during the period. Finally, Comerica Bank lifted its holdings in Primoris Services by 1,261.5% during the 4th quarter. Comerica Bank now owns 24,562 shares of the construction company's stock worth $1,877,000 after buying an additional 22,758 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Up 2.1%

Shares of NASDAQ:PRIM opened at $119.78 on Friday. The firm's 50 day moving average price is $95.46 and its 200 day moving average price is $76.46. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of 39.66 and a beta of 1.44. Primoris Services Co. has a fifty-two week low of $48.33 and a fifty-two week high of $120.22. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued 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 yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is presently 7.26%.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

PRIM has been the topic of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. DA Davidson increased their target price 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. Guggenheim increased their target price on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. UBS Group increased their target price on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Finally, Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Primoris Services 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.

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