Highland Capital Management LLC Buys New Holdings in Primoris Services Co. $PRIM

Highland Capital Management LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the second quarter, HoldingsChannel reports. The firm purchased 2,632 shares of the construction company’s stock, valued at approximately $205,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRIM. DAVENPORT & Co LLC increased its holdings in shares of Primoris Services by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company’s stock worth $750,000 after acquiring an additional 175 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after buying an additional 194 shares during the last quarter. Freedom Investment Management Inc. boosted its holdings in shares of Primoris Services by 4.3% during the 1st quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company’s stock worth $289,000 after buying an additional 207 shares during the period. Public Employees Retirement System of Ohio grew its stake in 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 buying an additional 223 shares during the last quarter. Finally, Oliver Luxxe Assets LLC raised its holdings in Primoris Services by 1.1% in the 2nd quarter. Oliver Luxxe Assets LLC now owns 32,184 shares of the construction company’s stock valued at $2,508,000 after acquiring an additional 351 shares during the period. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PRIM shares. Mizuho began coverage on Primoris Services in a report on Thursday, September 4th. They set a “neutral” rating and a $112.00 price objective for the company. UBS Group boosted their price target on Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. JPMorgan Chase & Co. increased their price objective on Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 22nd. Zacks Research downgraded Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Finally, Guggenheim upped their price target 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. Nine investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.18.

Insider Transactions at Primoris Services

In related news, COO Jeremy Kinch sold 3,006 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the sale, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. This represents a 23.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,941 shares of company stock valued at $3,004,821. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Up 2.2%

PRIM stock opened at $139.85 on Tuesday. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $141.54. The business has a 50-day simple moving average of $118.04 and a 200 day simple moving average of $87.51. 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 cap of $7.55 billion, a PE ratio of 46.31 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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

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.