4,348 Shares in Primoris Services Co. $PRIM Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,348 shares of the construction company’s stock, valued at approximately $368,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. PFW Advisors LLC bought a new position in shares of Primoris Services in the 2nd quarter valued at $243,000. Harbor Capital Advisors Inc. lifted its stake in shares of Primoris Services by 48.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 38,006 shares of the construction company’s stock valued at $2,962,000 after acquiring an additional 12,396 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after acquiring an additional 535 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Primoris Services by 2.5% in the 1st quarter. Rhumbline Advisers now owns 85,584 shares of the construction company’s stock valued at $4,913,000 after acquiring an additional 2,122 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Primoris Services in the 1st quarter valued at $964,000. 91.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction 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 completion of the sale, the director directly owned 82,281 shares of the company’s stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the transaction, the director directly owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,941 shares of company stock valued at $3,004,821. 1.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on PRIM. Guggenheim increased their price target on Primoris Services from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, August 19th. Zacks Research cut Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. UBS Group increased their price target on Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. JPMorgan Chase & Co. increased their price objective on Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, July 22nd. Finally, DA Davidson increased their price objective on Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Primoris Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.18.

Primoris Services Stock Performance

Shares of PRIM opened at $137.21 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a 50-day moving average of $118.94 and a 200-day moving average of $87.86. The company has a market cap of $7.41 billion, a PE ratio of 45.43 and a beta of 1.43. Primoris Services Co. has a one year low of $49.10 and a one year high of $141.54.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, August 4th. The construction company reported $1.68 EPS 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 company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the business posted $1.04 EPS. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities research analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services’s payout ratio is 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.