Harbor Capital Advisors Inc. Cuts Holdings in Primoris Services Co. $PRIM

Harbor Capital Advisors Inc. lowered its position in Primoris Services Co. (NASDAQ:PRIM) by 65.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,100 shares of the construction company’s stock after selling 24,906 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Primoris Services were worth $1,799,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PRIM. Osterweis Capital Management Inc. acquired a new position in Primoris Services in the second quarter valued at approximately $34,000. Public Employees Retirement System of Ohio increased its position in Primoris Services by 85.4% during 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 during the period. Parallel Advisors LLC lifted its stake in Primoris Services by 6,687.5% in the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after buying an additional 535 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after acquiring an additional 194 shares during the period. Finally, Twin Tree Management LP purchased a new position in shares of Primoris Services during the first quarter worth approximately $59,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the transaction, the director directly owned 74,466 shares in the company, valued at approximately $10,127,376. This represents a 9.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO David Lee King sold 3,500 shares of the stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the transaction, the chief executive officer directly owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. This trade represents a 14.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 26,888 shares of company stock worth $3,488,679. 1.40% of the stock is owned by company insiders.

Analyst Ratings Changes

PRIM has been the subject of a number of recent research reports. DA Davidson increased their price target on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. The Goldman Sachs Group assumed coverage on shares of Primoris Services in a research note on Monday, November 24th. They set a “sell” rating and a $117.00 target price for the company. Guggenheim restated a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. 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 objective for the company. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $140.57.

Primoris Services Stock Performance

NASDAQ PRIM opened at $129.53 on Friday. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of 42.89 and a beta of 1.37. The business’s 50 day moving average is $129.09 and its two-hundred day moving average is $113.88. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $146.16. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating 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 business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same period last year, the firm earned $1.22 EPS. The company’s quarterly revenue 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. Research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. Primoris Services’s dividend payout ratio is 6.31%.

Primoris Services Company Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.