Fox Run Management L.L.C. Sells 21,262 Shares of Primoris Services Co. $PRIM

Fox Run Management L.L.C. lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 65.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,079 shares of the construction company’s stock after selling 21,262 shares during the quarter. Fox Run Management L.L.C.’s holdings in Primoris Services were worth $863,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PRIM. Brooklyn Investment Group grew its stake in Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after purchasing an additional 544 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Primoris Services by 85.4% in the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock worth $38,000 after purchasing an additional 223 shares during the last quarter. Parallel Advisors LLC increased its stake 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 during the period. NewEdge Advisors LLC raised its stake in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after buying an additional 194 shares during the last quarter. Finally, Twin Tree Management LP acquired a new position in shares of Primoris Services in the 1st quarter valued at about $59,000. Institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $161.00 price target on shares of Primoris Services in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Guggenheim reaffirmed a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. Roth Capital began coverage on shares of Primoris Services in a report on Thursday, October 9th. They issued a “buy” rating and a $170.00 target price for the company. Finally, Mizuho set a $129.00 price target on Primoris Services in a research note on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.92.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares of the company’s stock, valued at $1,143,031.26. This represents a 23.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,941 shares of company stock worth $3,004,821 over the last ninety days. 1.40% of the stock is owned by insiders.

Primoris Services Stock Performance

NASDAQ PRIM opened at $125.31 on Monday. Primoris Services Co. has a 52-week low of $49.10 and a 52-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. The business’s 50-day moving average price is $131.43 and its 200 day moving average price is $101.18. The firm has a market cap of $6.77 billion, a P/E ratio of 41.49 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 2.68% and a return on equity of 15.23%. The firm’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the previous 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, equities research analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Primoris Services’s payout ratio is currently 6.31%.

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.