Swiss National Bank Trims Position in Primoris Services Co. $PRIM

Swiss National Bank decreased its holdings in Primoris Services Co. (NASDAQ:PRIM) by 1.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 103,000 shares of the construction company’s stock after selling 1,100 shares during the quarter. Swiss National Bank’s holdings in Primoris Services were worth $8,028,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Cetera Investment Advisers raised its holdings in Primoris Services by 35.8% in the 1st quarter. Cetera Investment Advisers now owns 15,985 shares of the construction company’s stock worth $918,000 after purchasing an additional 4,212 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Primoris Services by 4.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,372 shares of the construction company’s stock worth $1,055,000 after buying an additional 751 shares during the period. Mackenzie Financial Corp lifted its holdings in Primoris Services by 9.2% in the first quarter. Mackenzie Financial Corp now owns 32,793 shares of the construction company’s stock worth $1,883,000 after buying an additional 2,767 shares during the period. GSA Capital Partners LLP bought a new stake in Primoris Services during the 1st quarter valued at approximately $880,000. Finally, XTX Topco Ltd grew its holdings in shares of Primoris Services by 103.3% during the 1st quarter. XTX Topco Ltd now owns 14,988 shares of the construction company’s stock worth $860,000 after acquiring an additional 7,616 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Mizuho set a $129.00 target price on Primoris Services in a research note on Tuesday, October 28th. JPMorgan Chase & Co. raised their price objective on Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. KeyCorp upped their target price on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Glj Research started coverage on shares of Primoris Services in a research note on Monday, September 22nd. They issued a “buy” rating and a $160.00 price target for the company. Finally, Jefferies Financial Group reissued a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.71.

Insider Activity at Primoris Services

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

Primoris Services Trading Up 0.3%

Shares of NASDAQ PRIM opened at $126.56 on Friday. The firm’s 50 day moving average price is $132.11 and its 200-day moving average price is $106.87. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $146.16. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $6.84 billion, a PE ratio of 41.91 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share 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 analyst estimates of $1.83 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same period 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, equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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