Primoris Services Co. $PRIM Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its position in Primoris Services Co. (NASDAQ:PRIM) by 5.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,164 shares of the construction company’s stock after selling 758 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Primoris Services were worth $1,048,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PRIM. Blue Trust Inc. lifted its position in shares of Primoris Services by 130.9% during the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company’s stock valued at $130,000 after acquiring an additional 1,279 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Primoris Services during the 1st quarter valued at $231,000. Moran Wealth Management LLC acquired a new stake in shares of Primoris Services during the 1st quarter valued at $555,000. Total Wealth Planning & Management Inc. lifted its position in shares of Primoris Services by 5.4% during the 1st quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company’s stock valued at $536,000 after acquiring an additional 475 shares during the last quarter. Finally, KBC Group NV lifted its position in shares of Primoris Services by 24.5% during the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company’s stock valued at $163,000 after acquiring an additional 558 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Primoris Services from $128.00 to $141.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. UBS Group boosted their target price on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. KeyCorp boosted their target price on shares of Primoris Services from $129.00 to $154.00 and gave the company an “overweight” rating in a research note on Monday. Glj Research started coverage on shares of Primoris Services in a research note on Monday, September 22nd. They set a “buy” rating and a $160.00 target price on the stock. Finally, DA Davidson boosted their target price on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $133.92.

Insiders Place Their Bets

In other Primoris Services news, COO Jeremy Kinch sold 3,006 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the transaction, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,941 shares of company stock valued at $3,004,821 over the last three months. 0.90% of the stock is currently owned by insiders.

Primoris Services Trading Down 4.8%

NASDAQ PRIM opened at $130.66 on Thursday. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $142.84. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $7.06 billion, a PE ratio of 43.26 and a beta of 1.43. The firm’s fifty day simple moving average is $126.01 and its 200-day simple moving average is $93.59.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. The business 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% compared to the same quarter last year. During the same period in the prior year, the business posted $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, sell-side analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

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