Voya Investment Management LLC Has $861,000 Stake in Primoris Services Co. $PRIM

Voya Investment Management LLC lowered its holdings in Primoris Services Co. (NASDAQ:PRIM) by 6.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,999 shares of the construction company’s stock after selling 1,030 shares during the quarter. Voya Investment Management LLC’s holdings in Primoris Services were worth $861,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of PRIM. Nuveen LLC acquired a new position in Primoris Services in the first quarter worth $111,497,000. Fuller & Thaler Asset Management Inc. boosted its stake in Primoris Services by 122.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock worth $102,412,000 after purchasing an additional 980,940 shares in the last quarter. Millennium Management LLC boosted its stake in Primoris Services by 262.1% in the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company’s stock worth $41,818,000 after purchasing an additional 527,240 shares in the last quarter. Pacer Advisors Inc. acquired a new position in Primoris Services in the first quarter worth $24,133,000. Finally, Yaupon Capital Management LP boosted its stake in Primoris Services by 1,103.7% in the first quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company’s stock worth $21,891,000 after purchasing an additional 349,637 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of the 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 transaction, the director owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,941 shares of company stock valued at $3,004,821. 1.40% of the stock is currently owned by company insiders.

Primoris Services Trading Down 1.8%

PRIM stock opened at $130.03 on Thursday. The company has a market cap of $7.02 billion, a P/E ratio of 43.05 and a beta of 1.42. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $135.73. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average of $110.53 and a 200-day moving average of $83.22.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the prior year, the firm posted $1.04 earnings per share. The company’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. As a group, equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services’s dividend payout ratio is presently 7.26%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PRIM. Glj Research began coverage on shares of Primoris Services in a report on Monday. They issued a “buy” rating and a $160.00 price target for the company. KeyCorp raised their price target on shares of Primoris Services from $119.00 to $129.00 and gave the company an “overweight” rating in a report on Tuesday, September 2nd. Mizuho started coverage on shares of Primoris Services in a report on Thursday, September 4th. They issued a “neutral” rating and a $112.00 price target for the company. UBS Group boosted 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. Finally, Zacks Research downgraded Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and an average price target of $108.82.

Primoris Services Company 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.