Primoris Services Co. $PRIM Shares Sold by Summit Global Investments

Summit Global Investments lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 29.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,479 shares of the construction company’s stock after selling 4,468 shares during the period. Summit Global Investments’ holdings in Primoris Services were worth $1,439,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PRIM. First Trust Advisors LP lifted its stake in Primoris Services by 56.4% in the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after purchasing an additional 660,915 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Primoris Services by 229.3% in the second quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock valued at $46,880,000 after purchasing an additional 418,805 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in Primoris Services during the third quarter worth approximately $50,071,000. Westfield Capital Management Co. LP boosted its stake in Primoris Services by 80.4% during the second quarter. Westfield Capital Management Co. LP now owns 654,223 shares of the construction company’s stock worth $50,990,000 after buying an additional 291,494 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Primoris Services by 838.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 243,859 shares of the construction company’s stock valued at $19,006,000 after buying an additional 217,873 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Mizuho set a $129.00 target price on shares of Primoris Services in a research note on Tuesday, October 28th. Wells Fargo & Company initiated coverage on Primoris Services in a report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price objective on the stock. Cantor Fitzgerald assumed coverage on Primoris Services in a research note on Friday, January 23rd. They set a “neutral” rating and a $160.00 target price for the company. KeyCorp lifted their target price on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.93.

Primoris Services Stock Down 2.9%

Shares of NASDAQ:PRIM opened at $148.09 on Friday. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $155.19. The firm’s 50 day moving average price is $133.45 and its 200 day moving average price is $124.68. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $8.00 billion, a price-to-earnings ratio of 49.04 and a beta of 1.36.

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

Insider Transactions at Primoris Services

In other news, Director Patricia K. Wagner sold 13,491 shares of Primoris Services stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $125.23, for a total value of $1,689,477.93. Following the sale, the director owned 4,495 shares of the company’s stock, valued at $562,908.85. The trade was a 75.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $135.14, for a total value of $281,361.48. Following the completion of the sale, the director directly owned 21,530 shares in the company, valued at $2,909,564.20. This represents a 8.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 26,888 shares of company stock valued at $3,488,679 in the last 90 days. Company insiders own 1.40% of the company’s stock.

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.