Primoris Services Co. $PRIM Shares Purchased by A. D. Beadell Investment Counsel Inc.

A. D. Beadell Investment Counsel Inc. raised its holdings in Primoris Services Co. (NASDAQ:PRIM) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 79,625 shares of the construction company’s stock after acquiring an additional 735 shares during the quarter. Primoris Services makes up about 4.7% of A. D. Beadell Investment Counsel Inc.’s portfolio, making the stock its 2nd largest holding. A. D. Beadell Investment Counsel Inc. owned about 0.15% of Primoris Services worth $6,205,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. DAVENPORT & Co LLC boosted its stake in shares of Primoris Services by 1.4% in the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company’s stock valued at $750,000 after purchasing an additional 175 shares during the last quarter. 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 purchasing an additional 194 shares during the last quarter. Freedom Investment Management Inc. boosted its stake in shares of Primoris Services by 4.3% in the 1st quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company’s stock valued at $289,000 after purchasing an additional 207 shares during the last quarter. 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 purchasing an additional 223 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after purchasing an additional 347 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Down 0.1%

Shares of NASDAQ PRIM opened at $129.91 on Friday. The firm has a market cap of $7.02 billion, a PE ratio of 43.02 and a beta of 1.42. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $135.73. The company’s fifty day simple moving average is $111.38 and its 200 day simple moving average is $83.69. 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 issued its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.58. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue was up 20.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, sell-side analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services’s dividend payout ratio is presently 7.26%.

Insiders Place Their Bets

In other Primoris Services news, COO Jeremy Kinch sold 3,006 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the transaction, the chief operating officer owned 9,580 shares in the company, valued at approximately $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the transaction, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,941 shares of company stock worth $3,004,821. Insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PRIM shares. KeyCorp upped their price objective on shares of Primoris Services from $119.00 to $129.00 and gave the company an “overweight” rating in a research note on Tuesday, September 2nd. UBS Group upped their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. Guggenheim upped their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, August 19th. DA Davidson upped their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Finally, Janney Montgomery Scott started coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a “buy” rating and a $102.00 target price on the stock. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $108.82.

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.