West Tower Group LLC Raises Holdings in Primoris Services Co. $PRIM

Key Points

• West Tower Group LLC increased its holdings in Primoris Services Co. by 15.8%, now owning 25,600 shares valued at approximately $1.995 million.
• Primoris Services reported $1.68 earnings per share for the last quarter, exceeding analysts' expectations and demonstrating a 20.9% revenue increase year-over-year.
• The company recently declared a quarterly dividend of $0.08 per share, representing an annualized yield of 0.2%.

West Tower Group LLC lifted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 15.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,600 shares of the construction company's stock after acquiring an additional 3,500 shares during the quarter. Primoris Services makes up 4.3% of West Tower Group LLC's portfolio, making the stock its 4th biggest position. West Tower Group LLC's holdings in Primoris Services were worth $1,995,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. DAVENPORT & Co LLC increased its position in Primoris Services by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock valued at $750,000 after purchasing an additional 175 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after purchasing an additional 194 shares in the last quarter. Freedom Investment Management Inc. increased its position in shares of Primoris Services by 4.3% during the first quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock valued at $289,000 after buying an additional 207 shares during the period. Public Employees Retirement System of Ohio raised its stake in Primoris Services by 85.4% in the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock worth $38,000 after buying an additional 223 shares in the last quarter. Finally, Oliver Luxxe Assets LLC lifted its holdings in Primoris Services by 1.1% in the second quarter. Oliver Luxxe Assets LLC now owns 32,184 shares of the construction company's stock worth $2,508,000 after buying an additional 351 shares during the period. Institutional investors own 91.82% of the company's stock.

Primoris Services Trading Down 1.4%

NASDAQ PRIM opened at $136.83 on Monday. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $142.84. 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 stock's fifty day moving average price is $124.66 and its 200-day moving average price is $92.42. The stock has a market cap of $7.39 billion, a P/E ratio of 45.31 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. The company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services's revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, equities analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Zacks Research downgraded Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Janney Montgomery Scott started coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. Jefferies Financial Group raised their price objective on Primoris Services from $128.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. DA Davidson upped their target price on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, UBS Group increased their price target on shares of Primoris Services from $135.00 to $158.00 and gave the stock a "buy" rating in a research note on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $128.42.

Insider Buying and Selling

In other news, Director Michael E. Ching sold 2,935 shares of the business's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares in the company, valued at $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction on 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 transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 25,941 shares of company stock worth $3,004,821 in the last three months. Insiders own 1.40% of the company's stock.

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.

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