QRG Capital Management Inc. Has $6.53 Million Stock Position in Primoris Services Co. $PRIM

Key Points

• QRG Capital Management Inc. increased its stake in Primoris Services Co. by 8.3%, owning approximately $6.53 million worth of shares after purchasing an additional 6,442 shares.
• Several hedge funds have significantly boosted their positions in Primoris, including GAMMA Investing LLC, which increased its stake by 7,798.2% in the first quarter.
• Primoris Services announced a quarterly dividend of $0.08 per share, with the next payment scheduled for October 15, representing an annual yield of 0.2%.

QRG Capital Management Inc. raised its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 8.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,747 shares of the construction company's stock after buying an additional 6,442 shares during the period. QRG Capital Management Inc. owned 0.16% of Primoris Services worth $6,527,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PRIM. Wealth Enhancement Advisory Services LLC acquired a new stake in Primoris Services in the fourth quarter valued at approximately $200,000. GAMMA Investing LLC boosted its position in Primoris Services by 7,798.2% in the first quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock valued at $748,000 after buying an additional 12,867 shares in the last quarter. Rhumbline Advisers boosted its position in Primoris Services by 2.5% in the first quarter. Rhumbline Advisers now owns 85,584 shares of the construction company's stock valued at $4,913,000 after buying an additional 2,122 shares in the last quarter. Congress Asset Management Co. boosted its position in Primoris Services by 19.8% in the first quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock valued at $43,967,000 after buying an additional 126,430 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Primoris Services by 166.1% in the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock valued at $118,000 after buying an additional 1,274 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Buying and Selling

In related news, Director Michael E. Ching sold 2,935 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the transaction, the director directly owned 9,534 shares in the company, valued at approximately $1,143,031.26. The trade was a 23.54% 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. Also, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,941 shares of company stock worth $3,004,821. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. 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. KeyCorp raised their price target on shares of Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Mizuho assumed coverage on shares of Primoris Services in a research note on Thursday, September 4th. They set a "neutral" rating and a $112.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Finally, Glj Research assumed coverage on shares of Primoris Services in a research note on Monday, September 22nd. They set a "buy" rating and a $160.00 price target for the company. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Primoris Services has a consensus rating of "Moderate Buy" and an average target price of $113.18.

Primoris Services Trading Down 1.5%

NASDAQ:PRIM opened at $137.00 on Monday. 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 firm has a 50-day moving average of $117.09 and a 200-day moving average of $86.98. The company has a market cap of $7.40 billion, a PE ratio of 45.36 and a beta of 1.43. Primoris Services Co. has a one year low of $49.10 and a one year high of $141.27.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results 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 the consensus estimate 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 for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm posted $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 expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 0.2%. Primoris Services's 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.

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