Patricia Wagner Sells 13,491 Shares of Primoris Services (NASDAQ:PRIM) Stock

Primoris Services Co. (NASDAQ:PRIM) Director Patricia Wagner sold 13,491 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the completion of the sale, the director directly owned 4,495 shares in the company, valued at approximately $562,908.85. This trade represents a 75.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Primoris Services Stock Down 5.4%

Primoris Services stock opened at $116.34 on Friday. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $146.16. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of 38.52 and a beta of 1.45. 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 firm has a 50 day simple moving average of $131.96 and a 200 day simple moving average of $102.37.

Primoris Services (NASDAQ:PRIM) last posted its earnings results 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 firm had revenue of $2.18 billion for 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 business’s quarterly revenue was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.22 earnings per share. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, analysts predict that Primoris Services Co. will post 3.26 earnings per share 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 given a dividend of $0.08 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services’s dividend payout ratio is currently 6.31%.

Hedge Funds Weigh In On Primoris Services

Large investors have recently modified their holdings of the company. Legacy Advisors LLC bought a new stake in Primoris Services in the 3rd quarter worth approximately $215,000. Martingale Asset Management L P raised its stake in shares of Primoris Services by 70.3% during the third quarter. Martingale Asset Management L P now owns 33,224 shares of the construction company’s stock worth $4,563,000 after acquiring an additional 13,711 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Primoris Services by 30.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 318,989 shares of the construction company’s stock worth $43,807,000 after acquiring an additional 75,130 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Primoris Services by 113.9% in the 3rd quarter. Sei Investments Co. now owns 102,371 shares of the construction company’s stock worth $14,059,000 after acquiring an additional 54,514 shares during the last quarter. Finally, Prudent Man Advisors LLC purchased a new stake in shares of Primoris Services in the 3rd quarter valued at $208,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PRIM has been the subject of a number of analyst reports. Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Needham & Company LLC reaffirmed a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. Mizuho set a $129.00 target price on Primoris Services in a research report on Tuesday, October 28th. Finally, UBS Group raised their price target on Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Primoris Services currently has a consensus rating of “Moderate Buy” and an average price target of $142.92.

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.