Rhumbline Advisers Acquires 2,122 Shares of Primoris Services Co. $PRIM

Key Points

• Rhumbline Advisers has raised its stake in Primoris Services Co. by 2.5% during the first quarter, now owning approximately 0.16% of the company's stock valued at $4.9 million.
• Several institutional investors, including Nuveen LLC and Fuller & Thaler Asset Management, have significantly increased their positions in Primoris, contributing to 91.82% of the company's ownership being held by hedge funds and institutional investors.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Primoris Services, with price targets ranging from $102.00 to $130.00, reflecting positive sentiment for the company's performance and growth prospects.

Rhumbline Advisers lifted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 2.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,584 shares of the construction company's stock after purchasing an additional 2,122 shares during the quarter. Rhumbline Advisers owned approximately 0.16% of Primoris Services worth $4,913,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Strs Ohio acquired a new stake in Primoris Services in the 1st quarter valued at $964,000. Intech Investment Management LLC boosted its stake in Primoris Services by 89.9% in the 1st quarter. Intech Investment Management LLC now owns 53,378 shares of the construction company's stock valued at $3,064,000 after buying an additional 25,267 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Primoris Services by 25.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company's stock valued at $9,650,000 after buying an additional 33,818 shares in the last quarter. Yaupon Capital Management LP boosted its stake in Primoris Services by 1,103.7% in the 1st quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company's stock valued at $21,891,000 after buying an additional 349,637 shares in the last quarter. Finally, Caxton Associates LLP acquired a new stake in Primoris Services in the 1st quarter valued at $268,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director directly owned 9,534 shares of the company's stock, valued at $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,941 shares of company stock valued at $4,165,371. Insiders own 1.40% of the company's stock.

Primoris Services Trading Up 4.0%

NASDAQ PRIM traded up $4.89 on Thursday, reaching $126.92. The company had a trading volume of 1,041,671 shares, compared to its average volume of 918,772. The stock's 50 day moving average is $106.96 and its 200-day moving average is $81.41. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 42.03 and a beta of 1.42. 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 Co. has a 52 week low of $49.10 and a 52 week high of $128.98.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same period in the previous year, the firm earned $1.04 earnings per share. The company's revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently disclosed 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. 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 dividend payout ratio is currently 7.26%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. DA Davidson boosted their price target on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Janney Montgomery Scott initiated 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. Zacks Research lowered Primoris Services from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Finally, UBS Group boosted their price objective on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and an average price target of $103.70.

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.