Handelsbanken Fonder AB Boosts Stake in Primoris Services Co. $PRIM

Handelsbanken Fonder AB raised its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 16.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 12,200 shares of the construction company’s stock after purchasing an additional 1,700 shares during the quarter. Handelsbanken Fonder AB’s holdings in Primoris Services were worth $951,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Public Employees Retirement System of Ohio lifted its stake in shares of Primoris Services by 85.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock worth $38,000 after acquiring an additional 223 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Primoris Services by 6,687.5% during the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock worth $42,000 after purchasing an additional 535 shares during the last quarter. Brooklyn Investment Group boosted its stake in shares of Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after purchasing an additional 544 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after purchasing an additional 194 shares during the last quarter. Finally, Allworth Financial LP increased its stake in Primoris Services by 241.5% in the 2nd quarter. Allworth Financial LP now owns 765 shares of the construction company’s stock worth $60,000 after buying an additional 541 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM opened at $126.56 on Friday. The firm has a 50 day moving average of $132.11 and a 200 day moving average of $106.66. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $6.84 billion, a price-to-earnings ratio of 41.91 and a beta of 1.45. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $146.16.

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

Primoris Services Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wells Fargo & Company started coverage on shares of Primoris Services in a research report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price objective for the company. Mizuho set a $129.00 price target on Primoris Services in a report on Tuesday, October 28th. KeyCorp raised their price objective on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Guggenheim reaffirmed a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and an average target price of $140.71.

Insider Activity

In related news, Director Michael E. Ching sold 2,935 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares in the company, valued at $1,143,031.26. The trade was a 23.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David Lee King sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the sale, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. This trade represents a 14.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 22,932 shares of company stock valued at $2,869,099. Company insiders own 1.40% of the company’s stock.

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.