Scientech Research LLC Invests $692,000 in Primoris Services Co. $PRIM

Key Points

• Scientech Research LLC acquired a new stake in Primoris Services Co., purchasing 12,046 shares valued at approximately $692,000 during the first quarter.
• Primoris Services reported $1.68 EPS, exceeding analyst estimates, and had a revenue of $1.89 billion for the quarter, representing a 20.9% year-over-year increase.
• The company announced a quarterly dividend of $0.08 to be paid on October 15th, reflecting a dividend yield of 0.3%.

Scientech Research LLC acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 12,046 shares of the construction company's stock, valued at approximately $692,000.

A number of other hedge funds have also made changes to their positions in PRIM. Allspring Global Investments Holdings LLC boosted its holdings in Primoris Services by 34.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after purchasing an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Primoris Services in the 1st quarter valued at $231,000. SG Americas Securities LLC acquired a new stake in shares of Primoris Services in the 1st quarter valued at $1,070,000. KBC Group NV grew its position in shares of Primoris Services by 24.5% in the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock valued at $163,000 after buying an additional 558 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Primoris Services by 7,798.2% in the 1st 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 during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the company'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 completion of the sale, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Primoris Services Stock Down 0.6%

Shares of NASDAQ PRIM traded down $0.76 during mid-day trading on Friday, reaching $122.00. The company had a trading volume of 646,205 shares, compared to its average volume of 919,655. The stock has a fifty day moving average of $103.86 and a two-hundred day moving average of $80.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $6.59 billion, a price-to-earnings ratio of 40.40 and a beta of 1.42. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $124.77.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the previous year, the business earned $1.04 EPS. Primoris Services's quarterly revenue was up 20.9% compared to the same quarter last year. 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 year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's payout ratio is currently 7.26%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PRIM shares. Zacks Research downgraded shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. DA Davidson lifted their target price on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. KeyCorp lifted their price target on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price for the company. Finally, Guggenheim boosted their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $103.70.

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.