Strs Ohio Buys Shares of 16,800 Primoris Services Co. $PRIM

Key Points

• Strs Ohio has invested approximately $964,000 in Primoris Services Co., purchasing 16,800 shares of the construction company's stock in the first quarter.
• Several institutional investors have also increased their positions in Primoris Services, with ownership by institutional investors now at 91.82%.
• Primoris Services reported a significant earnings surprise in its last quarterly results, with $1.68 EPS exceeding expectations, contributing to 20.9% year-over-year revenue growth.

Strs Ohio purchased a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 16,800 shares of the construction company's stock, valued at approximately $964,000.

Several other hedge funds have also made changes to their positions in the business. Versant Capital Management Inc increased its stake in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares during the last quarter. Brooklyn Investment Group increased its stake in shares of Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after acquiring an additional 544 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after acquiring an additional 194 shares during the period. Sound Income Strategies LLC acquired a new stake in shares of Primoris Services in the first quarter worth approximately $45,000. Finally, Twin Tree Management LP purchased a new stake in Primoris Services in the first quarter valued at approximately $59,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Stock Up 3.4%

NASDAQ PRIM traded up $4.40 on Monday, hitting $133.22. 864,805 shares of the stock traded hands, compared to its average volume of 923,235. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a 50-day moving average of $108.71 and a 200 day moving average of $82.54. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $133.36. The company has a market capitalization of $7.20 billion, a P/E ratio of 44.11 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly 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. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the business earned $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. As a group, analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared 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 of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. Primoris Services's payout ratio is 7.26%.

Analysts Set New Price Targets

PRIM has been the topic of a number of research analyst reports. Guggenheim lifted their price target on shares of Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, August 19th. JPMorgan Chase & Co. boosted their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. UBS Group increased their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research report 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 report on Wednesday, August 6th. Finally, KeyCorp increased their price target on Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.82.

Insider Activity at Primoris Services

In other news, COO Jeremy Kinch sold 3,006 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares in the company, valued at approximately $1,187,920. This represents a 23.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the business's 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 owned 9,534 shares of the company's stock, valued at $1,143,031.26. This represents a 23.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 40,941 shares of company stock valued at $4,165,371 in the last quarter. Insiders own 1.40% of the company's stock.

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.