Rhumbline Advisers Raises Position in 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 raised its holdings 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 (SEC). The fund owned 85,584 shares of the construction company's stock after acquiring 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 (SEC).

A number of other large investors also recently modified their holdings of PRIM. Nuveen LLC purchased a new position in shares of Primoris Services during the 1st quarter valued at $111,497,000. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after buying an additional 980,940 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Primoris Services by 262.1% during the 1st quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock valued at $41,818,000 after buying an additional 527,240 shares in the last quarter. Pacer Advisors Inc. purchased a new position in shares of Primoris Services during the 1st quarter valued at $24,133,000. Finally, Yaupon Capital Management LP lifted its stake in shares of Primoris Services by 1,103.7% during 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. Hedge funds and other institutional investors own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of analyst reports. UBS Group lifted their target price on shares of 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 shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Guggenheim lifted their target price 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. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Finally, KeyCorp boosted their price target on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.70.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by company insiders.

Primoris Services Stock Performance

Primoris Services stock opened at $122.00 on Friday. The company's 50-day moving average price is $103.86 and its 200-day moving average price is $80.02. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $124.77. 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 company has a market cap of $6.59 billion, a PE ratio of 40.40 and a beta of 1.42.

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 for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the firm posted $1.04 EPS. The business's quarterly 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. On average, equities research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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

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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