Hodges Capital Management Inc. Purchases New Shares in Primoris Services Co. $PRIM

Hodges Capital Management Inc. purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the second quarter, HoldingsChannel.com reports. The firm purchased 42,600 shares of the construction company’s stock, valued at approximately $3,320,000.

A number of other institutional investors also recently bought and sold shares of PRIM. Brooklyn Investment Group raised its holdings in shares of Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after buying an additional 544 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Primoris Services by 85.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after acquiring an additional 223 shares during the period. Parallel Advisors LLC raised 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 valued at $42,000 after acquiring an additional 535 shares during the last quarter. NewEdge Advisors LLC raised its stake in 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 acquiring an additional 194 shares during the last quarter. Finally, Twin Tree Management LP purchased a new position in shares of Primoris Services in the 1st quarter valued at approximately $59,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $125.31 on Monday. The firm’s fifty day simple moving average is $131.43 and its 200-day simple moving average is $101.18. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $6.77 billion, a PE ratio of 41.49 and a beta of 1.45. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $146.16.

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

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services’s payout ratio is 6.31%.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were 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 of the company’s stock, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 25,941 shares of company stock worth $3,004,821 in the last quarter. Company insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PRIM shares. Needham & Company LLC reaffirmed a “buy” rating on shares of Primoris Services in a report on Wednesday. Jefferies Financial Group restated a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a research report on Wednesday. KeyCorp lifted their target price on shares of Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. DA Davidson boosted their price target on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, Guggenheim restated a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $142.92.

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.