Boston Partners Buys 69,996 Shares of Primoris Services Co. $PRIM

Boston Partners raised its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 14.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 564,898 shares of the construction company’s stock after purchasing an additional 69,996 shares during the period. Boston Partners owned 1.05% of Primoris Services worth $47,823,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Hodges Capital Management Inc. bought a new stake in shares of Primoris Services in the 2nd quarter worth about $3,320,000. Jump Financial LLC lifted its holdings in shares of Primoris Services by 550.4% in the 1st quarter. Jump Financial LLC now owns 109,486 shares of the construction company’s stock valued at $6,286,000 after acquiring an additional 92,652 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its position in Primoris Services by 358.6% in the first quarter. Dynamic Technology Lab Private Ltd now owns 69,481 shares of the construction company’s stock worth $3,989,000 after acquiring an additional 54,331 shares in the last quarter. US Bancorp DE increased its stake in Primoris Services by 156.5% during the first quarter. US Bancorp DE now owns 4,820 shares of the construction company’s stock worth $277,000 after acquiring an additional 2,941 shares during the last quarter. Finally, XTX Topco Ltd raised its position in Primoris Services by 103.3% during the first quarter. XTX Topco Ltd now owns 14,988 shares of the construction company’s stock valued at $860,000 after purchasing an additional 7,616 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction that occurred 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 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Patricia K. Wagner sold 13,491 shares of the business’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 transaction, the director owned 4,495 shares of the company’s stock, valued at $562,908.85. This represents a 75.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 22,932 shares of company stock worth $2,869,099. 1.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Jefferies Financial Group reissued a “buy” rating and set a $161.00 target price on shares of Primoris Services in a research report on Wednesday, November 5th. Glj Research began coverage on shares of Primoris Services in a research note on Monday, September 22nd. They set a “buy” rating and a $160.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Mizuho set a $129.00 target price on shares of Primoris Services in a report on Tuesday, October 28th. Finally, Zacks Research cut shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $140.71.

Primoris Services Trading Up 1.4%

Shares of NASDAQ PRIM opened at $125.85 on Friday. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $146.16. The business has a fifty day moving average price of $132.15 and a 200 day moving average price of $106.28. The stock has a market capitalization of $6.80 billion, a P/E ratio of 41.67 and a beta of 1.45. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

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

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Wednesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is presently 6.31%.

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.