Public Sector Pension Investment Board Buys Shares of 118,767 Primoris Services Co. $PRIM

Key Points

• The Public Sector Pension Investment Board acquired 118,767 shares of Primoris Services Co. valued at approximately $6.8 million, representing 0.22% of the company as of the latest filing.
• Primoris Services reported strong quarterly earnings with an EPS of $1.68, surpassing analysts' expectations of $1.10, and revenue of $1.89 billion, which is a 20.9% increase year-over-year.
• The company will pay a quarterly dividend of $0.08 per share on October 15th, with a current yield of 0.3% and a payout ratio of 7.26%.

Public Sector Pension Investment Board acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 118,767 shares of the construction company's stock, valued at approximately $6,818,000. Public Sector Pension Investment Board owned 0.22% of Primoris Services as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRIM. Versant Capital Management Inc raised its stake in Primoris Services by 294.1% in the first 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. Sound Income Strategies LLC bought a new stake in Primoris Services in the first quarter valued at approximately $45,000. Headlands Technologies LLC bought a new stake in Primoris Services in the first quarter valued at approximately $68,000. Farther Finance Advisors LLC increased its stake in shares of Primoris Services by 166.1% during the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after purchasing an additional 1,274 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Primoris Services by 130.9% during the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock worth $130,000 after purchasing an additional 1,279 shares during the period. Institutional investors own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total value 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.40% of the company's stock.

Primoris Services Price Performance

NASDAQ:PRIM traded down $1.6870 during trading hours on Tuesday, reaching $111.0830. 552,487 shares of the company were exchanged, compared to its average volume of 931,712. The company has a market capitalization of $6.00 billion, a P/E ratio of 36.78 and a beta of 1.44. Primoris Services Co. has a 1-year low of $48.33 and a 1-year high of $115.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The business has a 50 day moving average of $88.97 and a 200 day moving average of $74.37.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm's quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

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.