QRG Capital Management Inc. Sells 73,949 Shares of Primoris Services Co. $PRIM

QRG Capital Management Inc. lowered its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 88.3% in the third quarter, HoldingsChannel reports. The firm owned 9,798 shares of the construction company’s stock after selling 73,949 shares during the period. QRG Capital Management Inc.’s holdings in Primoris Services were worth $1,346,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Uncommon Cents Investing LLC boosted its stake in shares of Primoris Services by 2.1% during the 3rd quarter. Uncommon Cents Investing LLC now owns 3,900 shares of the construction company’s stock worth $536,000 after acquiring an additional 80 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in Primoris Services by 2.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,528 shares of the construction company’s stock valued at $431,000 after purchasing an additional 121 shares during the last quarter. Oliver Luxxe Assets LLC boosted its position in Primoris Services by 0.4% during the third quarter. Oliver Luxxe Assets LLC now owns 32,308 shares of the construction company’s stock worth $4,437,000 after purchasing an additional 124 shares during the period. Ethic Inc. boosted its position in Primoris Services by 4.3% during the third quarter. Ethic Inc. now owns 3,163 shares of the construction company’s stock worth $434,000 after purchasing an additional 131 shares during the period. Finally, McIlrath & Eck LLC increased its holdings in shares of Primoris Services by 109.8% in the third quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock valued at $38,000 after purchasing an additional 145 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the completion of the sale, the director directly owned 74,466 shares in the company, valued at $10,127,376. This represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Lee King sold 3,500 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $130.00, for a total value of $455,000.00. Following the completion of the sale, the chief executive officer directly owned 21,302 shares in the company, valued at approximately $2,769,260. This represents a 14.11% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 26,888 shares of company stock worth $3,488,679. Insiders own 0.90% of the company’s stock.

Primoris Services Trading Down 1.5%

Shares of PRIM stock opened at $147.17 on Wednesday. The stock has a market cap of $7.95 billion, a P/E ratio of 48.73 and a beta of 1.36. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $155.19. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a 50 day simple moving average of $128.40 and a 200 day simple moving average of $121.58.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.51. The firm had revenue of $2.18 billion during 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 company’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, research 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 was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a $0.08 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. Primoris Services’s payout ratio is presently 6.31%.

Analyst Ratings Changes

Several brokerages recently commented on PRIM. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a report on Monday, December 8th. KeyCorp upped their target price on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 target price on the stock in a research note on Tuesday, January 13th. The Goldman Sachs Group started coverage on Primoris Services in a research note on Monday, November 24th. They issued a “sell” rating and a $117.00 price target for the company. Finally, DA Davidson upped their price objective on Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and a consensus target price of $142.71.

Primoris Services Company 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.