HighTower Advisors LLC Grows Stock Holdings in Primoris Services Co. $PRIM

HighTower Advisors LLC raised its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 16.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,217 shares of the construction company’s stock after buying an additional 900 shares during the quarter. HighTower Advisors LLC’s holdings in Primoris Services were worth $357,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PRIM. Stifel Financial Corp lifted its position in shares of Primoris Services by 201.9% during the fourth quarter. Stifel Financial Corp now owns 19,844 shares of the construction company’s stock valued at $1,516,000 after buying an additional 13,270 shares during the last quarter. Northern Trust Corp lifted its position in shares of Primoris Services by 10.6% during the fourth quarter. Northern Trust Corp now owns 545,309 shares of the construction company’s stock valued at $41,662,000 after buying an additional 52,168 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Primoris Services by 112.5% during the fourth quarter. AQR Capital Management LLC now owns 101,192 shares of the construction company’s stock valued at $7,731,000 after buying an additional 53,577 shares during the last quarter. Comerica Bank lifted its position in shares of Primoris Services by 1,261.5% during the fourth quarter. Comerica Bank now owns 24,562 shares of the construction company’s stock valued at $1,877,000 after buying an additional 22,758 shares during the last quarter. Finally, AXA S.A. purchased a new stake in shares of Primoris Services during the fourth quarter valued at about $4,981,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the director owned 82,281 shares in the company, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $118.70 on Tuesday. Primoris Services Co. has a twelve month low of $48.33 and a twelve month high of $120.25. The company’s 50 day moving average is $97.20 and its 200 day moving average is $77.09. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $6.41 billion, a PE ratio of 39.31 and a beta of 1.44.

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 the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the company earned $1.04 EPS. Primoris Services’s quarterly 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, sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services’s dividend payout ratio is 7.26%.

Analyst Upgrades and Downgrades

Several research firms have commented on PRIM. 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. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price objective for the company. Guggenheim increased their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday, August 19th. UBS Group increased their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company 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 issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.67.

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.