Vest Financial LLC Makes New Investment in Primoris Services Co. $PRIM

Key Points

• Vest Financial LLC acquired a new position in Primoris Services Co., purchasing 15,151 shares valued at approximately $1,181,000 in the second quarter.
• Primoris Services recently reported a EPS of $1.68 for the last quarter, exceeding analysts' expectations, and revealed a revenue increase of 20.9% year-over-year.
• The company declared a quarterly dividend of $0.08 per share, with a dividend yield of 0.2% and a payout ratio of 7.26%.

Vest Financial LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 15,151 shares of the construction company's stock, valued at approximately $1,181,000.

Other institutional investors and hedge funds have also modified their holdings of the company. DAVENPORT & Co LLC raised its holdings in Primoris Services by 1.4% in the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock worth $750,000 after purchasing an additional 175 shares during the period. NewEdge Advisors LLC raised its holdings in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after purchasing an additional 194 shares during the period. Freedom Investment Management Inc. raised its holdings in Primoris Services by 4.3% in the 1st quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock worth $289,000 after purchasing an additional 207 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Primoris Services by 85.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock worth $38,000 after purchasing an additional 223 shares during the period. Finally, Oliver Luxxe Assets LLC raised its holdings in Primoris Services by 1.1% in the 2nd quarter. Oliver Luxxe Assets LLC now owns 32,184 shares of the construction company's stock worth $2,508,000 after purchasing an additional 351 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related 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 value of $372,744.00. Following the completion of the sale, the chief operating officer owned 9,580 shares of the company's stock, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael E. Ching sold 2,935 shares of the 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 completion of the sale, the director directly owned 9,534 shares of the company's stock, valued at approximately $1,143,031.26. This represents a 23.54% 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. 1.40% of the stock is currently owned by insiders.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $138.33 on Thursday. The business has a 50 day simple moving average of $123.60 and a two-hundred day simple moving average of $90.83. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $142.84. The stock has a market capitalization of $7.47 billion, a P/E ratio of 45.80 and a beta of 1.43. 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 announced its earnings results on Monday, August 4th. The construction company reported $1.68 EPS 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 analysts' expectations of $1.69 billion. During the same quarter in the prior year, the firm earned $1.04 earnings per share. The business's 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, analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, September 30th. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PRIM. Zacks Research cut Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Roth Capital began coverage on Primoris Services in a report on Thursday, October 9th. They issued a "buy" rating and a $170.00 price target for the company. Mizuho began coverage on Primoris Services in a report on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price target for the company. Janney Montgomery Scott began coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price for the company. Finally, Guggenheim reissued a "neutral" rating on shares of Primoris Services in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $125.17.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.