EMC Capital Management Lowers Holdings in Primoris Services Co. $PRIM

EMC Capital Management reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 62.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,652 shares of the construction company’s stock after selling 4,421 shares during the period. EMC Capital Management’s holdings in Primoris Services were worth $207,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Public Employees Retirement System of Ohio increased its holdings in shares of Primoris Services by 85.4% during the 2nd 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 last quarter. Parallel Advisors LLC increased its position in shares of Primoris Services by 6,687.5% in 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 in the last quarter. Brooklyn Investment Group lifted its holdings in shares of Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after acquiring an additional 544 shares in the last quarter. NewEdge Advisors LLC boosted its position in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after purchasing an additional 194 shares during the period. Finally, Allworth Financial LP increased its holdings in Primoris Services by 241.5% in the 2nd quarter. Allworth Financial LP now owns 765 shares of the construction company’s stock valued at $60,000 after purchasing an additional 541 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Stock Up 1.2%

PRIM stock opened at $118.59 on Wednesday. The stock has a market cap of $6.41 billion, a PE ratio of 39.27 and a beta of 1.45. The firm’s 50-day simple moving average is $132.13 and its 200 day simple moving average is $104.10. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $146.16. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.37 by $0.51. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s quarterly revenue was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.22 EPS. 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 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Wednesday, December 31st. Primoris Services’s payout ratio is 6.31%.

Wall Street Analysts Forecast Growth

PRIM has been the subject of a number of analyst reports. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a report on Wednesday, October 15th. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $141.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. 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 for the company. KeyCorp increased their target price on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Needham & Company LLC reaffirmed 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 and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and a consensus price target of $142.54.

Insiders Place Their Bets

In other news, CEO David Lee King sold 3,500 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $130.00, for a total value of $455,000.00. Following the completion of the transaction, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. This represents a 14.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Patricia K. Wagner sold 13,491 shares of the company’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 completion of the sale, the director directly owned 4,495 shares of the company’s stock, valued at $562,908.85. The trade was a 75.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 22,932 shares of company stock worth $2,869,099. Insiders own 1.40% of the company’s stock.

Primoris Services Company Profile

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.