Northern Trust Corp Sells 39,630 Shares of Primoris Services Co. $PRIM

Northern Trust Corp trimmed its stake in Primoris Services Co. (NASDAQ:PRIM) by 7.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 505,679 shares of the construction company’s stock after selling 39,630 shares during the quarter. Northern Trust Corp owned 0.94% of Primoris Services worth $29,031,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its holdings 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 purchasing an additional 347 shares in the last quarter. Brooklyn Investment Group increased its position in Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after acquiring an additional 544 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in Primoris Services during the first quarter valued at $45,000. Headlands Technologies LLC purchased a new stake in Primoris Services during the first quarter valued at $68,000. Finally, Farther Finance Advisors LLC increased its position in Primoris Services by 166.1% during the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company’s stock valued at $118,000 after acquiring an additional 1,274 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on PRIM shares. KeyCorp upped their price objective on Primoris Services from $98.00 to $119.00 and gave the company an “overweight” rating in a research report on Wednesday, August 6th. UBS Group upped their price target on Primoris Services from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. DA Davidson increased their target price on Primoris Services from $85.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Guggenheim increased their target price on Primoris Services from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, August 19th. Finally, Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.67.

Insider Activity

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

Primoris Services Price Performance

Shares of Primoris Services stock opened at $118.70 on Friday. The stock has a 50 day moving average of $96.35 and a 200 day moving average of $76.76. Primoris Services Co. has a 12 month low of $48.33 and a 12 month high of $120.25. The firm has a market cap of $6.41 billion, a PE ratio of 39.31 and a beta of 1.44. 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 announced its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the prior year, the company earned $1.04 earnings per share. The firm’s revenue 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 expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed 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. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. 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.