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

Federated Hermes Inc. grew its position in Primoris Services Co. (NASDAQ:PRIM) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 359,876 shares of the construction company’s stock after purchasing an additional 12,091 shares during the period. Federated Hermes Inc. owned approximately 0.67% of Primoris Services worth $49,422,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. First Trust Advisors LP raised its holdings in Primoris Services by 56.4% in the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock valued at $142,872,000 after buying an additional 660,915 shares during the period. State Street Corp grew its stake in Primoris Services by 2.6% during the second quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock worth $103,058,000 after buying an additional 33,399 shares during the period. Geode Capital Management LLC increased its position in shares of Primoris Services by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock worth $99,895,000 after acquiring an additional 24,254 shares in the last quarter. Invesco Ltd. raised its stake in shares of Primoris Services by 9.9% in the 2nd quarter. Invesco Ltd. now owns 1,142,010 shares of the construction company’s stock valued at $89,008,000 after acquiring an additional 103,038 shares during the period. Finally, Westfield Capital Management Co. LP lifted its holdings in shares of Primoris Services by 80.4% during the 2nd quarter. Westfield Capital Management Co. LP now owns 654,223 shares of the construction company’s stock valued at $50,990,000 after acquiring an additional 291,494 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In other news, CEO David Lee King sold 3,500 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $130.00, for a total value of $455,000.00. Following the completion of the sale, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. The trade was a 14.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the completion of the sale, the director owned 21,530 shares in the company, valued at approximately $2,909,564.20. This trade represents a 8.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 26,888 shares of company stock worth $3,488,679 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on PRIM shares. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target for the company in a report on Tuesday, January 13th. Jefferies Financial Group reiterated a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a research note on Wednesday, November 5th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $143.00 target price (down from $145.00) on shares of Primoris Services in a report on Monday, December 8th. Mizuho set a $129.00 price target on Primoris Services in a report on Tuesday, October 28th. Finally, Roth Mkm initiated coverage on shares of Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and an average target price of $144.93.

Primoris Services Trading Up 2.3%

NASDAQ:PRIM opened at $152.49 on Friday. The stock has a market cap of $8.24 billion, a price-to-earnings ratio of 50.49 and a beta of 1.36. Primoris Services Co. has a one year low of $49.10 and a one year high of $155.19. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The business’s 50-day simple moving average is $132.84 and its 200 day simple moving average is $124.26.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter last year, the firm earned $1.22 EPS. Primoris Services’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, sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

About Primoris Services

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.