Vanguard Group Inc. Has $354.09 Million Holdings in Primoris Services Co. $PRIM

Key Points

• Vanguard Group Inc. reduced its stake in Primoris Services by 1.2%, selling 77,188 shares and now holding approximately 11.44% of the company, valued at $354 million.
• Primoris Services reported a higher-than-expected earnings per share of $1.68 for the quarter, exceeding analyst estimates by $0.58, with revenues of $1.89 billion.
• The company declared a quarterly dividend of $0.08 per share, resulting in an annualized dividend yield of 0.3%, set to be paid on October 15th.

Vanguard Group Inc. trimmed its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,167,732 shares of the construction company's stock after selling 77,188 shares during the quarter. Vanguard Group Inc. owned approximately 11.44% of Primoris Services worth $354,089,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Versant Capital Management Inc boosted its stake in Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after buying an additional 347 shares during the last quarter. Sound Income Strategies LLC acquired a new stake in Primoris Services in the 1st quarter valued at about $45,000. Farther Finance Advisors LLC raised its position in Primoris Services by 166.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock valued at $118,000 after purchasing an additional 1,274 shares in the last quarter. Blue Trust Inc. raised its stake in Primoris Services by 130.9% in the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after buying an additional 1,279 shares in the last quarter. Finally, Canton Hathaway LLC raised its stake in Primoris Services by 25.0% in the first quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company's stock valued at $144,000 after buying an additional 500 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction dated 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 transaction, the director owned 82,281 shares of the company's stock, valued at $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PRIM shares. DA Davidson increased their target price on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. UBS Group lifted their price target on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Guggenheim boosted their price target on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Finally, Piper Sandler boosted their price objective 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. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and an average target price of $101.67.

Primoris Services Stock Down 1.5%

Shares of PRIM stock traded down $1.6870 on Tuesday, reaching $111.0830. 552,452 shares of the company's stock traded hands, compared to its average volume of 931,402. Primoris Services Co. has a 12-month low of $48.33 and a 12-month high of $115.99. 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 $6.00 billion, a P/E ratio of 36.78 and a beta of 1.44. The business's 50 day moving average price is $88.97 and its two-hundred day moving average price is $74.37.

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 analysts' consensus estimates of $1.10 by $0.58. The firm had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business's revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

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

About Primoris Services

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.