QRG Capital Management Inc. Sells 73,949 Shares of Primoris Services Co. $PRIM

QRG Capital Management Inc. cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 88.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,798 shares of the construction company’s stock after selling 73,949 shares during the period. QRG Capital Management Inc.’s holdings in Primoris Services were worth $1,346,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PRIM. Richardson Financial Services Inc. boosted its holdings in Primoris Services by 163.1% during the third quarter. Richardson Financial Services Inc. now owns 321 shares of the construction company’s stock worth $44,000 after buying an additional 199 shares during the last quarter. Thames Capital Management LLC bought a new stake in shares of Primoris Services in the 3rd quarter valued at about $13,734,000. David J Yvars Group acquired a new stake in shares of Primoris Services in the 3rd quarter valued at approximately $648,000. Decker Retirement Planning Inc. acquired a new stake in shares of Primoris Services in the 3rd quarter valued at approximately $3,864,000. Finally, Citizens Financial Group Inc. RI bought a new position in Primoris Services during the 3rd quarter worth approximately $266,000. Institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PRIM. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. Jefferies Financial Group restated a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a research report on Wednesday, November 5th. Wells Fargo & Company initiated coverage on Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 price objective on the stock. Guggenheim raised Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 target price for the company in a research note on Tuesday, January 13th. Finally, UBS Group increased their price target on Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $142.71.

Primoris Services Price Performance

PRIM stock opened at $147.17 on Wednesday. The stock has a 50-day moving average price of $128.40 and a two-hundred day moving average price of $121.58. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $155.19. The stock has a market cap of $7.95 billion, a PE ratio of 48.73 and a beta of 1.36. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.51. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.83 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.22 earnings per share. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Equities analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.08 per share. The ex-dividend date was Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services’s dividend payout ratio is presently 6.31%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Patricia K. Wagner sold 13,491 shares of Primoris Services stock in a transaction on Friday, November 7th. The shares were sold at an average price of $125.23, for a total value of $1,689,477.93. Following the sale, the director directly owned 4,495 shares in the company, valued at approximately $562,908.85. The trade was a 75.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Lee King sold 3,500 shares of the stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $130.00, for a total transaction of $455,000.00. Following the transaction, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. This represents a 14.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 26,888 shares of company stock worth $3,488,679 in the last three months. 0.90% of the stock is currently owned by company insiders.

Primoris Services Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.