TD Private Client Wealth LLC Purchases 1,200 Shares of Primoris Services Co. $PRIM

TD Private Client Wealth LLC boosted its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 40.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,159 shares of the construction company’s stock after purchasing an additional 1,200 shares during the quarter. TD Private Client Wealth LLC’s holdings in Primoris Services were worth $324,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of Primoris Services in the 1st quarter valued at $111,497,000. Fuller & Thaler Asset Management Inc. lifted its holdings in Primoris Services by 122.2% during 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. Congress Asset Management Co. grew its stake in Primoris Services by 19.8% in the first quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company’s stock valued at $43,967,000 after acquiring an additional 126,430 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Primoris Services by 9.0% in 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 in the last quarter. Finally, Millennium Management LLC raised its position in shares of Primoris Services by 262.1% during the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company’s stock worth $41,818,000 after purchasing an additional 527,240 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Performance

Shares of PRIM opened at $133.70 on Friday. The stock has a market capitalization of $7.22 billion, a price-to-earnings ratio of 44.27 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 firm has a fifty day simple moving average of $112.29 and a 200 day simple moving average of $84.30. 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 (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.10 by $0.58. The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages recently issued reports on PRIM. Mizuho initiated coverage on Primoris Services in a research report on Thursday, September 4th. They issued a “neutral” rating and a $112.00 price objective for the company. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price target on the stock. Zacks Research downgraded shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. Glj Research started coverage on shares of Primoris Services in a research report on Monday, September 22nd. They issued a “buy” rating and a $160.00 price objective on the stock. Finally, KeyCorp upped their target price on shares of Primoris Services from $119.00 to $129.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 2nd. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $108.82.

Insider Activity

In other news, COO Jeremy Kinch sold 3,006 shares of Primoris Services stock in a transaction dated 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 owned 9,580 shares of the company’s stock, valued at $1,187,920. This trade represents a 23.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael E. Ching sold 2,935 shares of the business’s stock in a transaction dated 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 $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,941 shares of company stock valued at $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.