QRG Capital Management Inc. Grows Stake in Primoris Services Co. $PRIM

QRG Capital Management Inc. raised its stake in Primoris Services Co. (NASDAQ:PRIM) by 8.3% during the second quarter, Holdings Channel reports. The fund owned 83,747 shares of the construction company’s stock after buying an additional 6,442 shares during the period. QRG Capital Management Inc.’s holdings in Primoris Services were worth $6,527,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRIM. Nuveen LLC purchased a new position in Primoris Services in the first quarter valued at about $111,497,000. Fuller & Thaler Asset Management Inc. boosted its stake in Primoris Services by 122.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock valued at $102,412,000 after acquiring an additional 980,940 shares during the last quarter. Millennium Management LLC boosted its stake in Primoris Services by 262.1% in the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company’s stock valued at $41,818,000 after acquiring an additional 527,240 shares during the last quarter. Pacer Advisors Inc. purchased a new position in Primoris Services in the first quarter valued at about $24,133,000. Finally, Yaupon Capital Management LP boosted its stake in Primoris Services by 1,103.7% in the first quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company’s stock valued at $21,891,000 after acquiring an additional 349,637 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. UBS Group boosted their target price on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Guggenheim upped their price target on shares of Primoris Services from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, August 19th. KeyCorp upped their price target on shares of Primoris Services from $119.00 to $129.00 and gave the company an “overweight” rating in a research note on Tuesday, September 2nd. Mizuho began coverage on shares of Primoris Services in a research note on Thursday, September 4th. They set a “neutral” rating and a $112.00 price target on the stock. Finally, Zacks Research cut shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and a consensus target price of $113.18.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 20,000 shares of Primoris Services 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 owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of Primoris Services 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 completion of 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. Insiders have sold a total of 25,941 shares of company stock worth $3,004,821 in the last 90 days. 1.40% of the stock is owned by company insiders.

Primoris Services Stock Performance

Primoris Services stock opened at $137.00 on Monday. The firm’s fifty day moving average price is $117.09 and its 200-day moving average price is $86.98. 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 cap of $7.40 billion, a P/E ratio of 45.36 and a beta of 1.43. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $141.27.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share 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 analysts’ expectations of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter last year, the company posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities research analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, September 30th. Primoris Services’s dividend payout ratio (DPR) 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.