Russell Investments Group Ltd. Grows Position in Primoris Services Co. $PRIM

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Primoris Services Co. by 568.1% during Q1, owning 101,502 shares valued at approximately $5.83 million.
• Primoris Services reported earnings of $1.68 per share for the latest quarter, surpassing analysts' expectations of $1.10, with revenue rising by 20.9% year-over-year.
• The company announced a quarterly dividend of $0.08 per share, reflecting a 0.3% yield, to be paid on October 15th.

Russell Investments Group Ltd. boosted its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 568.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 101,502 shares of the construction company's stock after acquiring an additional 86,309 shares during the quarter. Russell Investments Group Ltd. owned 0.19% of Primoris Services worth $5,827,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PRIM. Nuveen LLC purchased a new stake in Primoris Services during the first quarter valued at $111,497,000. Pacer Advisors Inc. purchased a new stake in Primoris Services during the first quarter valued at $24,133,000. Encompass Capital Advisors LLC increased its position in Primoris Services by 110.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 473,288 shares of the construction company's stock valued at $36,159,000 after acquiring an additional 248,559 shares during the last quarter. BNP Paribas Financial Markets increased its position in Primoris Services by 97.5% during the fourth quarter. BNP Paribas Financial Markets now owns 487,831 shares of the construction company's stock valued at $37,270,000 after acquiring an additional 240,882 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Primoris Services by 83.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 490,356 shares of the construction company's stock valued at $37,463,000 after acquiring an additional 223,551 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Analyst Ratings Changes

PRIM has been the subject of a number of analyst reports. DA Davidson upped their price target on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Piper Sandler upped their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. upped their price target on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Guggenheim upped their price target on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. Finally, KeyCorp upped their price target on Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $101.67.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $1.54 during trading on Monday, hitting $115.96. 282,576 shares of the company's stock were exchanged, compared to its average volume of 921,972. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 52-week low of $48.33 and a 52-week high of $116.58. The business's 50-day simple moving average is $92.07 and its 200 day simple moving average is $75.36. The company has a market cap of $6.26 billion, a price-to-earnings ratio of 38.43 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter last year, the business posted $1.04 earnings per share. The firm'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. As a group, equities analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

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

Insider Activity at Primoris Services

In related news, 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 value of $2,280,200.00. Following the sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.