Trexquant Investment LP Trims Stock Position in Primoris Services Co. $PRIM

Key Points

• Trexquant Investment LP reduced its stake in Primoris Services Co. by 29.4%, selling 87,840 shares during the first quarter, leaving it with 211,414 shares valued at approximately $12 million.
• Primoris Services reported a quarterly earnings per share (EPS) of $1.68, surpassing analyst estimates of $1.10 by $0.58, with revenues of $1.89 billion.
• The company announced a quarterly dividend of $0.08 per share, set to be paid on October 15th, representing a 0.3% dividend yield.

Trexquant Investment LP lowered its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 29.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 211,414 shares of the construction company's stock after selling 87,840 shares during the period. Trexquant Investment LP owned 0.39% of Primoris Services worth $12,137,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Nuveen LLC purchased a new position in Primoris Services during the first quarter valued at approximately $111,497,000. Fuller & Thaler Asset Management Inc. grew its stake in Primoris Services by 122.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after acquiring an additional 980,940 shares in the last quarter. Congress Asset Management Co. grew its stake in Primoris Services by 19.8% during the first quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company's stock valued at $43,967,000 after acquiring an additional 126,430 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Primoris Services by 9.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company's stock valued at $43,362,000 after acquiring an additional 62,350 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Primoris Services by 5.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 736,740 shares of the construction company's stock valued at $56,287,000 after acquiring an additional 40,805 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

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 that occurred on 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 completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.40% of the company's stock.

Primoris Services Trading Up 2.1%

Shares of PRIM opened at $119.78 on Friday. The firm has a market cap of $6.47 billion, a price-to-earnings ratio of 39.66 and a beta of 1.44. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a fifty-two week low of $48.33 and a fifty-two week high of $120.22. The firm has a 50 day moving average price of $95.46 and a 200-day moving average price of $76.46.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, equities research analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

Analyst Ratings Changes

Several equities analysts recently commented on PRIM shares. KeyCorp boosted their price objective on shares of Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price for the company. Piper Sandler lifted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. 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 report on Tuesday, August 19th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Primoris Services presently has an average rating of "Moderate Buy" and an average target price of $101.67.

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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