Connor Clark & Lunn Investment Management Ltd. Sells 49,142 Shares of Primoris Services Co. $PRIM

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Primoris Services Co. (NASDAQ:PRIM) by 67.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,510 shares of the construction company’s stock after selling 49,142 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Primoris Services were worth $1,832,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Parkside Financial Bank & Trust boosted its stake in Primoris Services by 16.3% in the second quarter. Parkside Financial Bank & Trust now owns 2,060 shares of the construction company’s stock worth $161,000 after purchasing an additional 289 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Primoris Services by 8.5% during the second quarter. Los Angeles Capital Management LLC now owns 43,058 shares of the construction company’s stock worth $3,356,000 after purchasing an additional 3,391 shares in the last quarter. Savant Capital LLC raised its position in shares of Primoris Services by 134.2% during the second quarter. Savant Capital LLC now owns 17,104 shares of the construction company’s stock worth $1,333,000 after acquiring an additional 9,802 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in Primoris Services during the 2nd quarter worth about $72,000. Finally, Bank of New York Mellon Corp lifted its position in Primoris Services by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 263,128 shares of the construction company’s stock valued at $20,508,000 after purchasing an additional 6,684 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

PRIM opened at $118.27 on Monday. The stock has a market cap of $6.39 billion, a P/E ratio of 39.16 and a beta of 1.45. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $146.16. 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 company has a fifty day simple moving average of $131.99 and a 200 day simple moving average of $103.36.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the company posted $1.22 earnings per share. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Primoris Services’s dividend payout ratio is presently 6.31%.

Wall Street Analyst Weigh In

PRIM has been the subject of several analyst reports. KeyCorp lifted their price target on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Glj Research initiated coverage on shares of Primoris Services in a report on Monday, September 22nd. They set a “buy” rating and a $160.00 target price for the company. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a research note on Wednesday, October 15th. Needham & Company LLC reaffirmed a “buy” rating on shares of Primoris Services in a research note on Wednesday, November 5th. Finally, DA Davidson upped their price objective on Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. One equities research 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 company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $142.54.

Insider Activity at Primoris Services

In related news, Director Patricia K. Wagner sold 13,491 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the sale, the director directly owned 4,495 shares in the company, valued at $562,908.85. This trade represents a 75.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were 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 in the company, valued at $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 22,932 shares of company stock valued at $2,869,099. Corporate insiders own 1.40% of the company’s stock.

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.