Primoris Services Co. $PRIM Shares Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio boosted its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 85.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 484 shares of the construction company’s stock after buying an additional 223 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Primoris Services were worth $38,000 as of its most recent SEC filing.

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

Primoris Services Trading Up 1.6%

Shares of Primoris Services stock opened at $139.46 on Thursday. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $141.54. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $7.53 billion, a P/E ratio of 46.18 and a beta of 1.43. The company’s fifty day moving average is $119.84 and its two-hundred day moving average is $88.21.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.58. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period last year, the firm posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

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

Insider Activity

In other news, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the sale, the director owned 9,534 shares of the company’s stock, valued at $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,941 shares of company stock valued at $3,004,821 over the last quarter. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PRIM shares. Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Jefferies Financial Group increased their target price on shares of Primoris Services from $128.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday. DA Davidson increased their target price 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. Glj Research initiated coverage on shares of Primoris Services in a research report on Monday, September 22nd. They issued a “buy” rating and a $160.00 target price on the stock. Finally, Mizuho initiated coverage on shares of Primoris Services in a research report on Thursday, September 4th. They issued a “neutral” rating and a $112.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $121.09.

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.