AlphaQuest LLC Increases Stock Position in Primoris Services Co. $PRIM

AlphaQuest LLC raised its holdings in Primoris Services Co. (NASDAQ:PRIM) by 104.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,895 shares of the construction company’s stock after purchasing an additional 7,102 shares during the period. AlphaQuest LLC’s holdings in Primoris Services were worth $1,083,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PRIM. Nuveen LLC purchased a new position in shares of Primoris Services during the first quarter valued at approximately $111,497,000. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Primoris Services by 122.2% during 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 buying an additional 980,940 shares during the period. Millennium Management LLC lifted its stake in shares of Primoris Services by 262.1% during the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company’s stock valued at $41,818,000 after buying an additional 527,240 shares during the period. Pacer Advisors Inc. purchased a new position in shares of Primoris Services during the first quarter valued at approximately $24,133,000. Finally, Yaupon Capital Management LP lifted its stake in shares of Primoris Services by 1,103.7% during the first quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company’s stock valued at $21,891,000 after buying an additional 349,637 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PRIM shares. DA Davidson upped their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. KeyCorp upped their price objective on shares of Primoris Services from $129.00 to $154.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a research note on Wednesday, October 15th. Glj Research began coverage on shares of Primoris Services in a research report on Monday, September 22nd. They set a “buy” rating and a $160.00 price target for the company. Finally, Jefferies Financial Group upped their price target on shares of Primoris Services from $128.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Primoris Services has a consensus rating of “Moderate Buy” and a consensus price target of $133.92.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the 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 completion of the sale, the director owned 82,281 shares of the company’s stock, valued at $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. The trade was a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,941 shares of company stock valued at $3,004,821 over the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $142.45 on Friday. Primoris Services Co. has a one year low of $49.10 and a one year high of $143.94. 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 company has a 50 day moving average price of $127.13 and a 200 day moving average price of $95.06. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of 47.17 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. The business’s quarterly revenue 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. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a $0.08 dividend. 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 is presently 7.26%.

Primoris Services 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.