Portside Wealth Group LLC Acquires New Holdings in Primoris Services Co. $PRIM

Portside Wealth Group LLC bought a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,780 shares of the construction company’s stock, valued at approximately $295,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Envestnet Asset Management Inc. grew its position in shares of Primoris Services by 12.4% in the first quarter. Envestnet Asset Management Inc. now owns 45,230 shares of the construction company’s stock valued at $2,597,000 after purchasing an additional 5,000 shares during the last quarter. CWM LLC lifted its stake in Primoris Services by 139.5% in the 1st quarter. CWM LLC now owns 5,528 shares of the construction company’s stock valued at $317,000 after buying an additional 3,220 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Primoris Services by 3.5% during the 1st quarter. Victory Capital Management Inc. now owns 308,143 shares of the construction company’s stock valued at $17,690,000 after buying an additional 10,304 shares during the last quarter. Jennison Associates LLC increased its position in Primoris Services by 68.6% during the first quarter. Jennison Associates LLC now owns 9,476 shares of the construction company’s stock worth $544,000 after buying an additional 3,855 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in Primoris Services by 139.4% during the first quarter. Allianz Asset Management GmbH now owns 129,353 shares of the construction company’s stock worth $7,426,000 after buying an additional 75,314 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

NASDAQ PRIM opened at $122.45 on Thursday. The business’s 50-day moving average price is $132.23 and its 200 day moving average price is $104.23. 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 Co. has a twelve month low of $49.10 and a twelve month high of $146.16. The company has a market capitalization of $6.62 billion, a PE ratio of 40.54 and a beta of 1.45.

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. The company 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 firm’s revenue was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, research 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. Shareholders 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 yield of 0.3%. Primoris Services’s dividend payout ratio (DPR) is currently 6.31%.

Insider Activity at Primoris Services

In related news, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,932 shares of company stock worth $2,869,099 in the last 90 days. Company insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on PRIM shares. Glj Research assumed coverage on Primoris Services in a research report on Monday, September 22nd. They issued a “buy” rating and a $160.00 price objective on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a research note on Wednesday, November 5th. KeyCorp upped their target price on shares of Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Mizuho set a $129.00 price target on shares of Primoris Services in a report on Tuesday, October 28th. Finally, Roth Capital initiated coverage on shares of Primoris Services in a report on Thursday, October 9th. They set a “buy” rating and a $170.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $142.54.

Primoris Services 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.