Cresset Asset Management LLC Decreases Stake in Primoris Services Co. $PRIM

Cresset Asset Management LLC lowered its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 35.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,899 shares of the construction company’s stock after selling 2,107 shares during the quarter. Cresset Asset Management LLC’s holdings in Primoris Services were worth $224,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc increased its position in shares of 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 bought a new position in Primoris Services in the 1st quarter valued at $45,000. Headlands Technologies LLC purchased a new stake in shares of Primoris Services during the 1st quarter valued at $68,000. Farther Finance Advisors LLC increased its position in shares of Primoris Services by 166.1% during the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company’s stock valued at $118,000 after purchasing an additional 1,274 shares during the last quarter. Finally, Blue Trust Inc. raised its stake 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 period. 91.82% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PRIM shares. DA Davidson increased their price target on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. KeyCorp upped their price objective on Primoris Services from $98.00 to $119.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Finally, UBS Group raised their target price on Primoris Services from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $101.67.

Primoris Services Stock Performance

Shares of PRIM stock opened at $117.24 on Wednesday. The firm’s 50 day moving average is $93.70 and its 200 day moving average is $75.90. The stock has a market capitalization of $6.33 billion, a P/E ratio of 38.82 and a beta of 1.44. Primoris Services Co. has a 12 month low of $48.33 and a 12 month high of $117.31. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. Primoris Services’s dividend payout ratio is 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.