Primoris Services Co. $PRIM Shares Acquired by Prudential Financial Inc.

Prudential Financial Inc. increased its holdings in Primoris Services Co. (NASDAQ:PRIM) by 22.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 183,217 shares of the construction company’s stock after purchasing an additional 33,847 shares during the quarter. Prudential Financial Inc.’s holdings in Primoris Services were worth $14,280,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sierra Summit Advisors LLC acquired a new position in Primoris Services during the second quarter worth about $801,000. American Century Companies Inc. increased its stake in shares of Primoris Services by 229.3% during the 2nd quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock worth $46,880,000 after purchasing an additional 418,805 shares in the last quarter. Rhumbline Advisers raised its position in shares of Primoris Services by 5.2% during the 2nd quarter. Rhumbline Advisers now owns 90,051 shares of the construction company’s stock worth $7,019,000 after purchasing an additional 4,467 shares during the last quarter. Legal & General Group Plc raised its position in shares of Primoris Services by 5.8% during the 2nd quarter. Legal & General Group Plc now owns 70,650 shares of the construction company’s stock worth $5,498,000 after purchasing an additional 3,852 shares during the last quarter. Finally, Hillsdale Investment Management Inc. lifted its stake in Primoris Services by 32.2% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 75,990 shares of the construction company’s stock valued at $5,923,000 after buying an additional 18,500 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Stock Up 1.4%

PRIM opened at $125.85 on Thursday. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $146.16. The business has a 50-day moving average of $132.17 and a two-hundred day moving average of $106.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $6.80 billion, a price-to-earnings ratio of 41.67 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.51. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period last year, the company earned $1.22 earnings per share. The company’s quarterly 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. On average, research analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed 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 currently 6.31%.

Insider Transactions at Primoris Services

In other Primoris Services news, COO Jeremy Kinch sold 3,006 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the sale, the chief operating officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patricia K. Wagner sold 13,491 shares of the company’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $125.23, for a total value of $1,689,477.93. Following the sale, the director owned 4,495 shares of the company’s stock, valued at $562,908.85. This represents a 75.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 22,932 shares of company stock valued at $2,869,099. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the subject of several recent research reports. The Goldman Sachs Group began coverage on Primoris Services in a research report on Monday. They set a “sell” rating and a $117.00 price target for the company. Wells Fargo & Company started 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. Mizuho set a $129.00 price objective on Primoris Services in a research report on Tuesday, October 28th. Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a research note on Wednesday, November 5th. Finally, DA Davidson raised 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. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.71.

About Primoris Services

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.