SG Capital Management LLC Makes New Investment in Primoris Services Co. $PRIM

SG Capital Management LLC acquired a new stake in Primoris Services Co. (NASDAQ:PRIM) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 154,727 shares of the construction company’s stock, valued at approximately $12,059,000. Primoris Services comprises 0.8% of SG Capital Management LLC’s holdings, making the stock its 28th biggest position. SG Capital Management LLC owned approximately 0.29% of Primoris Services as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Nuveen LLC acquired a new stake in Primoris Services in the first quarter valued at about $111,497,000. Fuller & Thaler Asset Management Inc. raised its stake in shares of Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock worth $102,412,000 after buying an additional 980,940 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Primoris Services by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock valued at $99,895,000 after buying an additional 24,254 shares during the period. Congress Asset Management Co. boosted its stake in shares of Primoris Services by 4.0% in the second quarter. Congress Asset Management Co. now owns 796,305 shares of the construction company’s stock valued at $62,064,000 after buying an additional 30,462 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Primoris Services by 9.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company’s stock worth $43,362,000 after acquiring an additional 62,350 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRIM has been the subject of a number of recent analyst reports. Glj Research initiated coverage on Primoris Services in a report on Monday, September 22nd. They issued a “buy” rating and a $160.00 target price for the company. Roth Capital assumed coverage on shares of Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a report on Wednesday, October 15th. Finally, Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.54.

Primoris Services Stock Up 1.6%

Shares of NASDAQ PRIM opened at $118.27 on Friday. The firm’s 50-day moving average is $131.99 and its two-hundred day moving average is $102.77. The company has a market capitalization of $6.39 billion, a PE ratio of 39.16 and a beta of 1.45. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $146.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data 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 return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the firm posted $1.22 EPS. The company’s quarterly revenue was up 32.1% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Equities analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors 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 dividend on an annualized basis and a dividend yield of 0.3%. Primoris Services’s dividend payout ratio (DPR) is presently 6.31%.

Insider Buying and Selling

In related news, Director Michael E. Ching sold 2,935 shares of the business’s stock in a transaction dated 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. The trade was a 23.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Patricia K. Wagner sold 13,491 shares of the firm’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the sale, the director directly owned 4,495 shares in the company, 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. Insiders sold 22,932 shares of company stock worth $2,869,099 in the last ninety days. 1.40% of the stock is currently owned by insiders.

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.