American Century Companies Inc. Sells 110,386 Shares of Primoris Services Co. $PRIM

American Century Companies Inc. lessened its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 37.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 182,677 shares of the construction company’s stock after selling 110,386 shares during the quarter. American Century Companies Inc. owned approximately 0.34% of Primoris Services worth $10,487,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Nuveen LLC acquired a new stake in shares of Primoris Services in the 1st quarter worth $111,497,000. Pacer Advisors Inc. acquired a new stake in shares of Primoris Services in the 1st quarter worth $24,133,000. Encompass Capital Advisors LLC boosted its position in shares of Primoris Services by 110.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 473,288 shares of the construction company’s stock worth $36,159,000 after purchasing an additional 248,559 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Primoris Services by 97.5% in the 4th quarter. BNP Paribas Financial Markets now owns 487,831 shares of the construction company’s stock worth $37,270,000 after purchasing an additional 240,882 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Primoris Services in the 4th quarter worth $16,999,000. Institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRIM. Guggenheim raised their price objective on Primoris Services from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, August 19th. UBS Group raised their price objective on Primoris Services from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Piper Sandler raised their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. KeyCorp raised their price objective on Primoris Services from $98.00 to $119.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. lifted their price target on Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and a consensus target price of $101.67.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the transaction, the director owned 82,281 shares in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM opened at $117.24 on Wednesday. The stock has a 50-day moving average of $93.70 and a two-hundred day moving average of $75.90. Primoris Services Co. has a one year low of $48.33 and a one year high of $117.31. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $6.33 billion, a P/E ratio of 38.82 and a beta of 1.44.

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

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. 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 presently 7.26%.

About Primoris Services

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.