Janney Montgomery Scott LLC Takes Position in Primoris Services Co. $PRIM

Janney Montgomery Scott LLC purchased a new stake in Primoris Services Co. (NASDAQ:PRIM) in the second quarter, according to its most recent filing with the SEC. The fund purchased 4,760 shares of the construction company’s stock, valued at approximately $371,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company’s stock worth $799,000 after buying an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Primoris Services during the 1st quarter worth $231,000. KBC Group NV grew its stake in Primoris Services by 24.5% during the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company’s stock worth $163,000 after buying an additional 558 shares during the last quarter. Advisor Resource Council bought a new position in Primoris Services during the 1st quarter worth $749,000. Finally, Jump Financial LLC grew its stake in Primoris Services by 550.4% during the 1st quarter. Jump Financial LLC now owns 109,486 shares of the construction company’s stock worth $6,286,000 after buying an additional 92,652 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Michael E. Ching sold 2,935 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the sale, the director directly owned 9,534 shares of the company’s stock, valued at $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,941 shares of company stock valued at $3,004,821 over the last three months. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. KeyCorp upped their price objective on Primoris Services from $119.00 to $129.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 2nd. DA Davidson upped their price objective on Primoris Services from $85.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Janney Montgomery Scott initiated coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price target for the company. JPMorgan Chase & Co. increased their price target on Primoris Services from $128.00 to $141.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Glj Research initiated coverage on Primoris Services in a research note on Monday, September 22nd. They issued a “buy” rating and a $160.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Primoris Services has a consensus rating of “Moderate Buy” and an average price target of $128.42.

Primoris Services Trading Down 1.4%

Shares of Primoris Services stock opened at $136.83 on Friday. 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 firm has a market cap of $7.39 billion, a price-to-earnings ratio of 45.31 and a beta of 1.43. The business has a fifty day simple moving average of $124.66 and a 200-day simple moving average of $92.16. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $142.84.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data 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. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company’s revenue was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

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.