DAVENPORT & Co LLC Increases Stake in Primoris Services Co. $PRIM

DAVENPORT & Co LLC grew its stake in Primoris Services Co. (NASDAQ:PRIM) by 4.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 13,697 shares of the construction company’s stock after buying an additional 629 shares during the quarter. DAVENPORT & Co LLC’s holdings in Primoris Services were worth $1,068,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brooklyn Investment Group boosted its stake in shares of Primoris Services by 3,626.7% in the 1st 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 period. Public Employees Retirement System of Ohio boosted its stake in shares of 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 buying an additional 223 shares during the period. Parallel Advisors LLC boosted its stake in shares of Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after buying an additional 535 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after buying an additional 194 shares during the period. Finally, Sound Income Strategies LLC purchased a new stake in Primoris Services during the first quarter worth approximately $45,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

PRIM has been the subject of several recent analyst reports. UBS Group boosted their target price on Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. DA Davidson boosted their target price on Primoris Services from $85.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Jefferies Financial Group boosted their target price on Primoris Services from $128.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday. Glj Research initiated coverage on Primoris Services in a research note on Monday, September 22nd. They set a “buy” rating and a $160.00 target price for the company. Finally, Zacks Research cut Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.17.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $132.43 on Friday. 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 Co. has a twelve month low of $49.10 and a twelve month high of $142.84. The stock has a 50 day moving average of $121.54 and a two-hundred day moving average of $89.17. The stock has a market cap of $7.15 billion, a P/E ratio of 43.85 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, 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 Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services’s payout ratio is currently 7.26%.

Insider Buying and Selling at Primoris Services

In other news, Director Michael E. Ching sold 2,935 shares of the business’s stock in a transaction that occurred on 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jeremy Kinch sold 3,006 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at approximately $1,187,920. The trade was a 23.88% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,941 shares of company stock worth $3,004,821. 1.40% of the stock is 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.