84,142 Shares in Primoris Services Co. $PRIM Purchased by Gabelli Funds LLC

Gabelli Funds LLC acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 84,142 shares of the construction company’s stock, valued at approximately $6,558,000. Gabelli Funds LLC owned approximately 0.16% of Primoris Services as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PRIM. Brooklyn Investment Group boosted its stake in shares of Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after buying an additional 544 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Primoris Services by 85.4% in the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after acquiring an additional 223 shares in the last quarter. Parallel Advisors LLC boosted its stake in Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after acquiring an additional 535 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after acquiring an additional 194 shares in the last quarter. Finally, Twin Tree Management LP bought a new stake in shares of Primoris Services in the 1st quarter worth about $59,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Down 1.9%

Shares of NASDAQ PRIM opened at $131.85 on Wednesday. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $146.16. The company has a market cap of $7.12 billion, a price-to-earnings ratio of 43.66 and a beta of 1.37. 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 stock’s 50 day simple moving average is $131.31 and its 200 day simple moving average is $109.73.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.51. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm’s revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.22 EPS. 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 year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a $0.08 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services’s dividend payout ratio (DPR) is currently 6.31%.

Wall Street Analyst Weigh In

PRIM has been the topic of several research analyst reports. Mizuho set a $129.00 price target on shares of Primoris Services in a research report on Tuesday, October 28th. Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a research note on Wednesday, November 5th. Roth Capital started coverage on Primoris Services in a report on Thursday, October 9th. They set a “buy” rating and a $170.00 target price on the stock. Guggenheim reiterated a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. Finally, Glj Research initiated coverage on Primoris Services in a research report on Monday, September 22nd. They set a “buy” rating and a $160.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and a consensus target price of $140.57.

Insider Activity

In other news, Director Carla S. Mashinski sold 2,082 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction of $281,361.48. Following the completion of the transaction, the director directly owned 21,530 shares in the company, valued at approximately $2,909,564.20. The trade was a 8.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 25,014 shares of company stock worth $3,150,461 over the last three months. Insiders own 0.90% of the company’s stock.

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.