Primoris Services Co. $PRIM Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. lifted its position in Primoris Services Co. (NASDAQ:PRIM) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 347,785 shares of the construction company’s stock after acquiring an additional 18,951 shares during the period. Federated Hermes Inc. owned 0.64% of Primoris Services worth $27,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group boosted its stake in Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after purchasing an additional 544 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of 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 worth $38,000 after buying an additional 223 shares in the last quarter. Parallel Advisors LLC boosted its position in Primoris Services by 6,687.5% during the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock worth $42,000 after acquiring an additional 535 shares during the last quarter. NewEdge Advisors LLC grew its stake in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after acquiring an additional 194 shares in the last quarter. Finally, Twin Tree Management LP acquired a new stake in Primoris Services in the 1st quarter valued at about $59,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRIM has been the topic of several recent research reports. Zacks Research cut Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Jefferies Financial Group restated a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a report on Wednesday, November 5th. DA Davidson lifted their price target on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Mizuho set a $129.00 price objective on shares of Primoris Services in a report on Tuesday, October 28th. Finally, Roth Capital began coverage on shares of Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.57.

Insider Activity

In related news, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. This trade represents a 23.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Patricia K. Wagner sold 13,491 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the sale, the director 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 disclosure for this sale is available in the SEC filing. Insiders have sold 25,014 shares of company stock worth $3,150,461 in the last quarter. Insiders own 0.90% of the company’s stock.

Primoris Services Price Performance

Shares of PRIM opened at $131.85 on Wednesday. The firm has a 50-day simple moving average of $131.31 and a two-hundred day simple moving average of $109.73. The stock has a market cap of $7.12 billion, a PE ratio of 43.66 and a beta of 1.37. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $146.16. 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 quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, topping 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 firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter last year, the company posted $1.22 EPS. The firm’s quarterly revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. As a group, analysts forecast 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 issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Wednesday, December 31st. Primoris Services’s payout ratio is currently 6.31%.

About Primoris Services

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.