Virtu Financial LLC Acquires New Stake in Primoris Services Co. $PRIM

Key Points

• Virtu Financial LLC has acquired a new stake in Primoris Services Co., purchasing 4,626 shares valued at approximately $266,000 in the first quarter of the year.
• Institutional ownership is strong, with 91.82% of the stock held by institutional investors and hedge funds, indicating significant market confidence in the company.
• Primoris Services recently reported a quarterly EPS of $1.68, exceeding analyst estimates by $0.58, and experienced a year-over-year revenue increase of 20.9%.

Virtu Financial LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,626 shares of the construction company's stock, valued at approximately $266,000.

A number of other institutional investors have also made changes to their positions in the stock. DAVENPORT & Co LLC grew its stake in shares of Primoris Services by 1.4% during the first 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. Summit Investment Advisors Inc. grew its stake in Primoris Services by 5.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock valued at $427,000 after acquiring an additional 313 shares during the period. Versant Capital Management Inc grew its stake in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares during the period. Total Wealth Planning & Management Inc. grew its stake in Primoris Services by 5.4% in the first quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock valued at $536,000 after acquiring an additional 475 shares during the period. Finally, Canton Hathaway LLC grew 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 acquiring an additional 500 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the sale, the director owned 82,281 shares of the company's stock, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. KeyCorp boosted their target price on Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Guggenheim boosted their target price on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday. Piper Sandler boosted their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, Janney Montgomery Scott assumed coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price for the company. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $101.67.

Primoris Services Stock Down 1.5%

NASDAQ PRIM traded down $1.6870 during trading hours on Tuesday, hitting $111.0830. 552,487 shares of the company traded hands, compared to its average volume of 931,712. The business's 50-day moving average is $88.97 and its 200-day moving average is $74.37. Primoris Services Co. has a twelve month low of $48.33 and a twelve 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 stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of 36.78 and a beta of 1.44.

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 the consensus estimate of $1.10 by $0.58. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued 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 dividend yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is 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.