Deutsche Bank AG Sells 4,301 Shares of Primoris Services Co. $PRIM

Deutsche Bank AG lessened its holdings in Primoris Services Co. (NASDAQ:PRIM) by 8.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,004 shares of the construction company’s stock after selling 4,301 shares during the quarter. Deutsche Bank AG owned approximately 0.08% of Primoris Services worth $2,526,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of PRIM. Versant Capital Management Inc lifted its position in Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after acquiring an additional 347 shares during the last quarter. Sound Income Strategies LLC purchased a new position in shares of Primoris Services during the 1st quarter valued at approximately $45,000. Farther Finance Advisors LLC boosted its stake in shares of Primoris Services by 166.1% in the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company’s stock worth $118,000 after acquiring an additional 1,274 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Primoris Services by 130.9% during the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company’s stock worth $130,000 after purchasing an additional 1,279 shares during the last quarter. Finally, Canton Hathaway LLC lifted its holdings in Primoris Services by 25.0% in the first quarter. Canton Hathaway LLC now owns 2,500 shares of the construction company’s stock valued at $144,000 after acquiring an additional 500 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Guggenheim boosted their price target on shares of Primoris Services from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday. Janney Montgomery Scott began coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a “buy” rating and a $102.00 target price for the company. JPMorgan Chase & Co. raised their price objective on Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, July 22nd. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Finally, DA Davidson raised their price target on Primoris Services from $85.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.67.

Primoris Services Price Performance

NASDAQ PRIM opened at $111.0830 on Wednesday. The business’s fifty day moving average is $89.76 and its two-hundred day moving average is $74.62. The stock has a market capitalization of $6.00 billion, a P/E ratio of 36.78 and a beta of 1.44. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 1 year low of $48.33 and a 1 year high of $115.99.

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

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. Primoris Services’s dividend payout ratio (DPR) is currently 7.26%.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director owned 82,281 shares of the company’s stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

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.