Strs Ohio Invests $964,000 in Primoris Services Co. $PRIM

Strs Ohio bought a new position in Primoris Services Co. (NASDAQ:PRIM) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 16,800 shares of the construction company’s stock, valued at approximately $964,000.

Other institutional investors have also recently made changes to their positions in the company. DAVENPORT & Co LLC grew its position in Primoris Services by 1.4% during the first quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company’s stock valued at $750,000 after buying an additional 175 shares during the period. NewEdge Advisors LLC grew its position in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after buying an additional 194 shares during the period. Freedom Investment Management Inc. grew its position in Primoris Services by 4.3% during the first quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company’s stock valued at $289,000 after buying an additional 207 shares during the period. Versant Capital Management Inc grew 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 buying an additional 347 shares during the period. Finally, Total Wealth Planning & Management Inc. grew its position in Primoris Services by 5.4% during the first quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company’s stock valued at $536,000 after buying an additional 475 shares during the period. Institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Guggenheim upped their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, August 19th. Zacks Research downgraded shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a “buy” rating and a $102.00 price objective on the stock. UBS Group upped their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, August 5th. Finally, DA Davidson upped their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.70.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the transaction, the chief operating officer owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the transaction, the director directly owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,941 shares of company stock valued at $4,165,371. 1.40% of the stock is currently owned by company insiders.

Primoris Services Trading Up 4.0%

Shares of PRIM opened at $126.92 on Friday. The firm’s 50 day simple moving average is $106.96 and its 200 day simple moving average is $81.41. The company has a market capitalization of $6.86 billion, a P/E ratio of 42.03 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $128.98.

Primoris Services (NASDAQ:PRIM) last issued 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 net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same period last year, the business earned $1.04 earnings per share. The business’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. Sell-side 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 dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services’s dividend payout ratio (DPR) is currently 7.26%.

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.