Primoris Services Co. $PRIM Shares Bought by Invesco Ltd.

Invesco Ltd. increased its holdings in Primoris Services Co. (NASDAQ:PRIM) by 9.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,142,010 shares of the construction company’s stock after acquiring an additional 103,038 shares during the quarter. Invesco Ltd. owned approximately 2.11% of Primoris Services worth $89,008,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRIM. Nuveen LLC purchased a new stake in Primoris Services during the 1st quarter worth approximately $111,497,000. Fuller & Thaler Asset Management Inc. grew its position in shares of Primoris Services by 122.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock worth $102,412,000 after buying an additional 980,940 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Primoris Services by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock worth $99,895,000 after buying an additional 24,254 shares in the last quarter. Congress Asset Management Co. increased its stake in shares of Primoris Services by 4.0% in the second quarter. Congress Asset Management Co. now owns 796,305 shares of the construction company’s stock worth $62,064,000 after buying an additional 30,462 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Primoris Services by 9.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company’s stock valued at $43,362,000 after acquiring an additional 62,350 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insiders Place Their Bets

In related news, Director Patricia K. Wagner sold 13,491 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $125.23, for a total value of $1,689,477.93. Following the sale, the director directly owned 4,495 shares in the company, valued at $562,908.85. This trade represents a 75.01% 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 business’s 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 of the company’s stock, valued at $1,143,031.26. This trade represents a 23.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 25,014 shares of company stock worth $3,150,461. 0.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PRIM. Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. DA Davidson lifted their target price on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $143.00 price target (down from $145.00) on shares of Primoris Services in a research report on Monday. The Goldman Sachs Group began coverage on Primoris Services in a research note on Monday, November 24th. They set a “sell” rating and a $117.00 price objective on the stock. Finally, Glj Research began coverage on shares of Primoris Services in a research note on Monday, September 22nd. They set a “buy” rating and a $160.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $140.57.

Primoris Services Stock Performance

Shares of PRIM opened at $131.85 on Wednesday. The firm has a fifty day moving average of $131.31 and a 200-day moving average of $109.73. The company has a market cap of $7.12 billion, a price-to-earnings ratio of 43.66 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $146.16.

Primoris Services (NASDAQ:PRIM) last released 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 business had revenue of $2.18 billion for 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 company’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. As a group, equities analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. Primoris Services’s payout ratio is currently 6.31%.

About Primoris Services

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.