Primoris Services Corporation $PRIM Stake Lessened by Hennessy Advisors Inc.

Hennessy Advisors Inc. reduced its stake in Primoris Services Corporation (NYSE:PRIM) by 4.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,400 shares of the company’s stock after selling 16,100 shares during the period. Primoris Services accounts for 1.0% of Hennessy Advisors Inc.’s portfolio, making the stock its 24th largest position. Hennessy Advisors Inc.’s holdings in Primoris Services were worth $27,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PRIM. BlackRock Inc. purchased a new position in shares of Primoris Services during the 2nd quarter worth approximately $677,685,000. Wellington Management Group LLP lifted its stake in shares of Primoris Services by 148.7% in the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock valued at $463,434,000 after purchasing an additional 2,795,887 shares during the period. First Trust Advisors LP boosted its position in shares of Primoris Services by 47.4% during the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after purchasing an additional 928,155 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Primoris Services by 2.0% during the first quarter. Principal Financial Group Inc. now owns 343,443 shares of the company’s stock valued at $49,126,000 after purchasing an additional 6,730 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Primoris Services by 4.4% during the first quarter. Bank of America Corp DE now owns 324,887 shares of the company’s stock valued at $46,472,000 after purchasing an additional 13,617 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of PRIM opened at $72.73 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The stock has a market cap of $3.92 billion, a P/E ratio of 28.52 and a beta of 1.44. The business’s 50 day moving average price is $75.26 and its 200-day moving average price is $113.21. Primoris Services Corporation has a 52 week low of $62.40 and a 52 week high of $205.50.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter last year, the company earned $1.68 EPS. Equities research analysts anticipate that Primoris Services Corporation will post 1.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PRIM shares. Jefferies Financial Group reiterated a “buy” rating and issued a $99.00 price objective on shares of Primoris Services in a report on Thursday, October 8th. Piper Sandler started coverage on shares of Primoris Services in a report on Wednesday, September 9th. They set a “neutral” rating and a $90.00 target price on the stock. Oppenheimer assumed coverage on shares of Primoris Services in a report on Tuesday, July 7th. They set an “outperform” rating and a $135.00 target price on the stock. Zacks Research upgraded shares of Primoris Services from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. Finally, UBS Group reissued a “neutral” rating on shares of Primoris Services in a research report on Monday, August 10th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $123.47.

About Primoris Services

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.