Grandeur Peak Global Advisors LLC Sells 1,680 Shares of Primoris Services Co. $PRIM

Grandeur Peak Global Advisors LLC trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 0.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 189,380 shares of the construction company’s stock after selling 1,680 shares during the quarter. Primoris Services accounts for 1.8% of Grandeur Peak Global Advisors LLC’s portfolio, making the stock its 13th largest position. Grandeur Peak Global Advisors LLC owned approximately 0.35% of Primoris Services worth $14,760,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Nuveen LLC bought a new position in Primoris Services during the first quarter worth about $111,497,000. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock valued at $102,412,000 after purchasing an additional 980,940 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Primoris Services by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock valued at $99,895,000 after purchasing an additional 24,254 shares during the period. Congress Asset Management Co. increased its stake in Primoris Services by 4.0% during the 2nd quarter. Congress Asset Management Co. now owns 796,305 shares of the construction company’s stock worth $62,064,000 after purchasing an additional 30,462 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Primoris Services by 9.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company’s stock worth $43,362,000 after buying an additional 62,350 shares during the period. Institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRIM. JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $141.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Roth Capital assumed coverage on Primoris Services in a research note on Thursday, October 9th. They issued a “buy” rating and a $170.00 price target on the stock. Mizuho set a $129.00 price target on Primoris Services in a report on Tuesday, October 28th. UBS Group increased their price objective on Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Finally, Jefferies Financial Group restated a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.71.

Primoris Services Stock Up 0.3%

PRIM stock opened at $126.56 on Friday. The company has a market cap of $6.84 billion, a price-to-earnings ratio of 41.91 and a beta of 1.45. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $146.16. The business has a 50 day moving average price of $132.11 and a two-hundred day moving average price of $106.87. 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 released its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the prior year, the firm posted $1.22 EPS. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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 of this dividend is Wednesday, December 31st. Primoris Services’s payout ratio is 6.31%.

Insider Activity at Primoris Services

In related news, Director Michael E. Ching sold 2,935 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director directly owned 9,534 shares in the company, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David Lee King sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $130.00, for a total transaction of $455,000.00. Following the transaction, the chief executive officer directly owned 21,302 shares in the company, valued at $2,769,260. This represents a 14.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 22,932 shares of company stock valued at $2,869,099. 1.40% of the stock is owned by company insiders.

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.