25,451 Shares in Primoris Services Co. $PRIM Purchased by Virtus Advisers LLC

Key Points

• Virtus Advisers LLC has invested approximately $1.46 million in Primoris Services Co., acquiring 25,451 shares, which constitutes about 1.9% of their investment portfolio.
• In its latest quarterly earnings report, Primoris Services reported $1.68 earnings per share, significantly surpassing analysts' expectations of $1.10, with revenue of $1.89 billion.
• The company has announced a quarterly dividend of $0.08 per share, set to be paid on October 15th, reflecting a 0.3% dividend yield.

Virtus Advisers LLC bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 25,451 shares of the construction company's stock, valued at approximately $1,461,000. Primoris Services accounts for approximately 1.9% of Virtus Advisers LLC's holdings, making the stock its 7th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares during the last quarter. Brooklyn Investment Group raised its stake in Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after purchasing an additional 544 shares during the last quarter. Sound Income Strategies LLC acquired a new position in Primoris Services in the 1st quarter valued at $45,000. Headlands Technologies LLC acquired a new stake in shares of Primoris Services in the 1st quarter worth $68,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Primoris Services by 166.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock worth $118,000 after acquiring an additional 1,274 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business'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 directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. The trade was a 19.55% 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. Insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

PRIM has been the topic of several research analyst reports. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective on the stock. UBS Group raised their target price on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Piper Sandler lifted their price objective on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Guggenheim lifted their price objective on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. Finally, DA Davidson lifted their price objective on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $101.67.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $2.42 during trading on Thursday, reaching $119.78. The company had a trading volume of 978,207 shares, compared to its average volume of 922,825. The firm has a market capitalization 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 current ratio of 1.38 and a quick ratio of 1.38. The stock's fifty day moving average price is $95.46 and its 200 day moving average price is $76.46. Primoris Services Co. has a fifty-two week low of $48.33 and a fifty-two week high of $120.22.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share 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 firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The company's revenue for the quarter 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, equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is presently 7.26%.

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.