Swedbank AB Takes $27.47 Million Position in Primoris Services Co. $PRIM

Swedbank AB bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 200,000 shares of the construction company’s stock, valued at approximately $27,466,000.

Other large investors have also recently bought and sold shares of the company. Hodges Capital Management Inc. bought a new stake in shares of Primoris Services in the 2nd quarter worth about $3,320,000. Federated Hermes Inc. lifted its holdings in Primoris Services by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 347,785 shares of the construction company’s stock valued at $27,106,000 after purchasing an additional 18,951 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its position in Primoris Services by 358.6% in the first quarter. Dynamic Technology Lab Private Ltd now owns 69,481 shares of the construction company’s stock valued at $3,989,000 after buying an additional 54,331 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Primoris Services during the second quarter worth about $368,000. Finally, Boston Partners increased its holdings in shares of Primoris Services by 14.1% during the second quarter. Boston Partners now owns 564,898 shares of the construction company’s stock worth $47,823,000 after buying an additional 69,996 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Trading Up 0.1%

PRIM stock opened at $129.53 on Friday. 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 Co. has a twelve month low of $49.10 and a twelve month high of $146.16. The company has a market cap of $7.00 billion, a P/E ratio of 42.89 and a beta of 1.37. The business has a fifty day moving average of $129.09 and a 200-day moving average of $113.88.

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

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.2%. The ex-dividend date is Wednesday, December 31st. Primoris Services’s dividend payout ratio is currently 6.31%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PRIM. Mizuho set a $129.00 target price on Primoris Services in a report on Tuesday, October 28th. Glj Research began coverage on Primoris Services in a research note on Monday, September 22nd. They issued a “buy” rating and a $160.00 price objective on the stock. Zacks Research cut Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Wells Fargo & Company began coverage on Primoris Services in a report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price target for the company. Finally, The Goldman Sachs Group initiated coverage on shares of Primoris Services in a report on Monday, November 24th. They set a “sell” rating and a $117.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and an average price target of $140.57.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Patricia K. Wagner sold 13,491 shares of Primoris Services stock in a transaction on Friday, November 7th. The shares were sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the completion of the sale, the director owned 4,495 shares of the company’s stock, valued at approximately $562,908.85. The trade was a 75.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the sale, the director owned 21,530 shares of the company’s stock, valued at $2,909,564.20. The trade was a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,888 shares of company stock valued at $3,488,679 in the last three months. Insiders own 1.40% of the company’s stock.

Primoris Services Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.