Pacer Advisors Inc. Trims Stake in Primoris Services Co. $PRIM

Pacer Advisors Inc. cut its stake in Primoris Services Co. (NASDAQ:PRIM) by 44.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 185,157 shares of the construction company’s stock after selling 149,487 shares during the period. Pacer Advisors Inc. owned 0.34% of Primoris Services worth $25,428,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PRIM. Hodges Capital Management Inc. bought a new position in Primoris Services in the second quarter worth $3,320,000. Federated Hermes Inc. boosted its holdings in shares of Primoris Services by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 347,785 shares of the construction company’s stock valued at $27,106,000 after buying an additional 18,951 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its position in shares of Primoris Services by 358.6% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 69,481 shares of the construction company’s stock worth $3,989,000 after buying an additional 54,331 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in shares of Primoris Services in the 2nd quarter worth about $368,000. Finally, Boston Partners lifted its position in Primoris Services by 14.1% during the 2nd quarter. Boston Partners now owns 564,898 shares of the construction company’s stock valued at $47,823,000 after acquiring an additional 69,996 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In other news, CEO David Lee King sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the transaction, the chief executive officer directly owned 21,302 shares of the company’s stock, valued at $2,769,260. The trade was a 14.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Schauerman sold 7,815 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the completion of the sale, the director owned 74,466 shares in the company, valued at $10,127,376. This represents a 9.50% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 26,888 shares of company stock valued at $3,488,679. Insiders own 1.40% of the company’s stock.

Primoris Services Stock Down 0.3%

Primoris Services stock opened at $129.13 on Friday. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $146.16. The stock has a fifty day simple moving average of $128.93 and a two-hundred day simple moving average of $114.26. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $6.98 billion, a price-to-earnings ratio of 42.76 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the prior year, the company posted $1.22 earnings per share. The company’s quarterly revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Equities analysts predict 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 0.2%. The ex-dividend date of this dividend is Wednesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is presently 6.31%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of Primoris Services in a research note on Monday, November 24th. They set a “sell” rating and a $117.00 target price for the company. Wells Fargo & Company began coverage on Primoris Services in a research report on Friday, November 14th. They set an “equal weight” rating and a $138.00 price objective for the company. Jefferies Financial Group reiterated a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a research note on Wednesday, November 5th. DA Davidson increased their target price on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, KeyCorp raised their price target on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $140.57.

Primoris Services Company Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.