VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 15,700 shares of the construction company's stock, valued at approximately $1,224,000.
A number of other institutional investors have also recently added to or reduced their stakes in PRIM. Nuveen LLC bought a new stake in shares of Primoris Services in the 1st quarter valued at $111,497,000. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Primoris Services by 122.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after purchasing an additional 980,940 shares during the last quarter. Congress Asset Management Co. boosted its stake in shares of Primoris Services by 4.0% in the 2nd quarter. Congress Asset Management Co. now owns 796,305 shares of the construction company's stock valued at $62,064,000 after purchasing an additional 30,462 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Primoris Services by 9.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company's stock valued at $43,362,000 after purchasing an additional 62,350 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Primoris Services by 262.1% in the 1st quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock valued at $41,818,000 after purchasing an additional 527,240 shares during the last quarter. 91.82% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on PRIM shares. Guggenheim reaffirmed a "neutral" rating on shares of Primoris Services in a research note on Wednesday, October 15th. KeyCorp upped their price objective on shares of Primoris Services from $129.00 to $154.00 and gave the company an "overweight" rating in a research note on Monday. Mizuho started coverage on shares of Primoris Services in a research note on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price objective on the stock. Needham & Company LLC assumed coverage on shares of Primoris Services in a research note on Wednesday. They issued a "buy" rating and a $175.00 price objective on the stock. Finally, Roth Capital assumed coverage on shares of Primoris Services in a research report on Thursday, October 9th. They set a "buy" rating and a $170.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $133.92.
Get Our Latest Stock Report on Primoris Services
Primoris Services Stock Performance
PRIM opened at $136.24 on Friday. 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 company's fifty day moving average price is $126.52 and its two-hundred day moving average price is $94.16. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $142.84. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 45.11 and a beta of 1.43.
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, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the company posted $1.04 earnings per share. The business's 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. On average, analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.
Primoris Services Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were issued a dividend of $0.08 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services's dividend payout ratio is presently 7.26%.
Insiders Place Their Bets
In other Primoris Services news, COO Jeremy Kinch sold 3,006 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the transaction, the chief operating officer owned 9,580 shares in the company, valued at approximately $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of the company'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 transaction, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,941 shares of company stock worth $3,004,821. Insiders own 0.90% of the company's stock.
Primoris Services Profile
(
Free Report)
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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