Highland Capital Management LLC Buys Shares of 2,632 Primoris Services Co. $PRIM

Highland Capital Management LLC purchased a new position in Primoris Services Co. (NASDAQ:PRIM) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,632 shares of the construction company’s stock, valued at approximately $205,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group boosted its holdings in Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after buying an additional 544 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Primoris Services by 85.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock worth $38,000 after acquiring an additional 223 shares during the last quarter. Parallel Advisors LLC boosted its stake in Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock worth $42,000 after acquiring an additional 535 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after purchasing an additional 194 shares during the period. Finally, Sound Income Strategies LLC bought a new stake in Primoris Services in the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PRIM shares. Mizuho initiated coverage on shares of Primoris Services in a report on Thursday, September 4th. They issued a “neutral” rating and a $112.00 price target for the company. DA Davidson boosted their target price on Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Guggenheim raised their price target on Primoris Services from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, August 19th. Zacks Research cut Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Finally, JPMorgan Chase & Co. increased their target price on Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and a consensus price target of $113.18.

Insider Activity

In other Primoris Services news, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. This trade represents a 23.88% 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 Michael E. Ching sold 2,935 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,941 shares of company stock worth $3,004,821 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Up 2.2%

Shares of Primoris Services stock opened at $139.85 on Tuesday. The firm has a market cap of $7.55 billion, a PE ratio of 46.31 and a beta of 1.43. The business’s 50 day simple moving average is $118.04 and its 200 day simple moving average is $87.51. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $141.54.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results 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. The company had revenue of $1.89 billion during 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 period last year, the business earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

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