Inspire Advisors LLC Purchases New Holdings in Primoris Services Co. $PRIM

Inspire Advisors LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,147 shares of the construction company’s stock, valued at approximately $401,000.

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

Insider Transactions at Primoris Services

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director directly owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Patricia K. Wagner sold 13,491 shares of the business’s stock in a transaction dated 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 owned 4,495 shares of the company’s stock, valued at approximately $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 a total of 22,932 shares of company stock worth $2,869,099 in the last ninety days. Insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on PRIM. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. Mizuho set a $129.00 target price on shares of Primoris Services in a research note on Tuesday, October 28th. DA Davidson raised their price target on shares of Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Jefferies Financial Group restated a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a report on Wednesday, November 5th. Finally, Wells Fargo & Company began coverage on Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $142.54.

Primoris Services Stock Up 3.4%

PRIM opened at $122.45 on Thursday. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of 40.54 and a beta of 1.45. The firm has a 50 day moving average price of $132.23 and a 200-day moving average price of $104.23. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $146.16. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Primoris Services Announces Dividend

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

Primoris Services Company 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.