Tectonic Advisors LLC Makes New Investment in Primoris Services Co. $PRIM

Key Points

• Tectonic Advisors LLC has acquired 18,104 shares of Primoris Services Co. for approximately $1,411,000 in the second quarter, highlighting growing institutional interest in the construction company.
• Primoris Services reported $1.68 earnings per share for the last quarter, exceeding the consensus estimate and indicating a 20.9% increase in revenue year-over-year.
• A recent quarterly dividend of $0.08 per share has been declared, reflecting a yield of 0.2% and a payout ratio of 7.26%.

Tectonic Advisors LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 18,104 shares of the construction company's stock, valued at approximately $1,411,000.

A number of other hedge funds also recently added to or reduced their stakes in PRIM. Wealth Enhancement Advisory Services LLC acquired a new stake in Primoris Services during the 4th quarter worth approximately $200,000. GAMMA Investing LLC raised its stake in shares of Primoris Services by 7,798.2% during the 1st quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock worth $748,000 after buying an additional 12,867 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Primoris Services by 2.5% during the 1st quarter. Rhumbline Advisers now owns 85,584 shares of the construction company's stock worth $4,913,000 after buying an additional 2,122 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Primoris Services by 166.1% during the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after buying an additional 1,274 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Primoris Services by 14.4% during the 1st quarter. Harbor Capital Advisors Inc. now owns 25,610 shares of the construction company's stock worth $1,470,000 after buying an additional 3,214 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Stock Performance

NASDAQ PRIM opened at $137.44 on Friday. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $142.84. The company has a market capitalization of $7.42 billion, a P/E ratio of 45.51 and a beta of 1.43. The business has a 50 day moving average price of $120.71 and a 200 day moving average price of $88.71. 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 (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating 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 the consensus estimate of $1.69 billion. During the same period last year, the business posted $1.04 EPS. Primoris Services'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. Sell-side analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services's dividend payout ratio (DPR) is presently 7.26%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PRIM. JPMorgan Chase & Co. increased their target price on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Guggenheim increased their target price on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. KeyCorp increased their target price on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Glj Research began coverage on Primoris Services in a research note on Monday, September 22nd. They set a "buy" rating and a $160.00 target price for the company. Finally, Mizuho started coverage on Primoris Services in a research note on Thursday, September 4th. They set a "neutral" rating and a $112.00 target price for the company. Ten analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Primoris Services presently has an average rating of "Moderate Buy" and a consensus target price of $125.17.

Insiders Place Their Bets

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares of the company's stock, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the transaction, the chief operating officer directly owned 9,580 shares of the company's stock, valued at $1,187,920. The trade was a 23.88% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,941 shares of company stock valued at $3,004,821. 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.

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