Quantbot Technologies LP Invests $2.13 Million in Primoris Services Co. $PRIM

Key Points

• Quantbot Technologies LP invested approximately $2.13 million in Primoris Services Co., acquiring 37,021 shares, representing about 0.07% of the company's total shares as of their latest SEC filing.
• Primoris Services reported $1.68 earnings per share for the last quarter, significantly exceeding the consensus estimate of $1.10, with revenues of $1.89 billion, up 20.9% year-over-year.
• The company has recently announced a quarterly dividend of $0.08 per share, with a dividend yield of 0.3%, payable on October 15th to shareholders of record on September 30th.

Quantbot Technologies LP acquired a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 37,021 shares of the construction company's stock, valued at approximately $2,125,000. Quantbot Technologies LP owned 0.07% of Primoris Services as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Aptus Capital Advisors LLC raised its stake in shares of Primoris Services by 12.2% in the first quarter. Aptus Capital Advisors LLC now owns 109,986 shares of the construction company's stock worth $6,314,000 after buying an additional 11,970 shares during the period. Brooklyn Investment Group raised its stake in shares of Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after buying an additional 544 shares during the period. Versor Investments LP raised its stake in shares of Primoris Services by 262.6% in the first quarter. Versor Investments LP now owns 18,493 shares of the construction company's stock worth $1,062,000 after buying an additional 13,393 shares during the period. Algert Global LLC raised its stake in shares of Primoris Services by 6.0% in the first quarter. Algert Global LLC now owns 242,285 shares of the construction company's stock worth $13,910,000 after buying an additional 13,780 shares during the period. Finally, Fox Run Management L.L.C. bought a new position in shares of Primoris Services in the first quarter worth about $1,857,000. Institutional investors own 91.82% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on PRIM. Janney Montgomery Scott began coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective on the stock. Guggenheim lifted their target price on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. UBS Group lifted their target price on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. DA Davidson lifted their target price on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. lifted their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $101.67.

Primoris Services Trading Up 0.5%

PRIM traded up $0.5230 during trading hours on Monday, reaching $114.9430. 719,929 shares of the company's stock traded hands, compared to its average volume of 924,796. The firm has a 50-day moving average price of $92.07 and a 200 day moving average price of $75.36. Primoris Services Co. has a 52-week low of $48.33 and a 52-week high of $116.58. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $6.21 billion, a PE ratio of 38.06 and a beta of 1.44.

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 analysts' consensus estimates of $1.10 by $0.58. The business 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 revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, sell-side analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business 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 $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the business'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 completion of the transaction, the director directly owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company's stock.

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.