Vest Financial LLC Grows Stock Position in Primoris Services Co. $PRIM

Vest Financial LLC boosted its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 96.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,836 shares of the construction company’s stock after purchasing an additional 14,685 shares during the quarter. Vest Financial LLC owned approximately 0.06% of Primoris Services worth $4,097,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PRIM. Silver Coast Investments LLC acquired a new stake in Primoris Services in the third quarter valued at approximately $290,000. Arkadios Wealth Advisors acquired a new position in Primoris Services during the 3rd quarter worth approximately $220,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Primoris Services by 4.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 4,557 shares of the construction company’s stock valued at $626,000 after purchasing an additional 209 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in shares of Primoris Services by 163.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 321 shares of the construction company’s stock valued at $44,000 after purchasing an additional 199 shares in the last quarter. Finally, Thames Capital Management LLC acquired a new stake in shares of Primoris Services in the 3rd quarter valued at $13,734,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling at Primoris Services

In related news, CEO David Lee King sold 3,500 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $130.00, for a total value of $455,000.00. Following the completion of the sale, the chief executive officer owned 21,302 shares in the company, valued at $2,769,260. This represents a 14.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patricia K. Wagner sold 13,491 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the transaction, the director directly owned 4,495 shares in the company, valued at $562,908.85. The trade was a 75.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 26,888 shares of company stock valued at $3,488,679. Insiders own 0.90% of the company’s stock.

Primoris Services Stock Down 0.7%

PRIM opened at $150.57 on Friday. Primoris Services Co. has a one year low of $49.10 and a one year high of $155.19. 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 stock has a market capitalization of $8.14 billion, a P/E ratio of 49.86 and a beta of 1.36. The business’s 50-day simple moving average is $129.66 and its 200-day simple moving average is $121.99.

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, beating analysts’ consensus estimates of $1.37 by $0.51. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business’s revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 EPS. 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 year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. Primoris Services’s dividend payout ratio (DPR) is 6.31%.

Analyst Ratings Changes

A number of brokerages recently commented on PRIM. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. Roth Mkm initiated coverage on Primoris Services in a research report on Thursday, October 9th. They set a “buy” rating and a $170.00 price objective for the company. UBS Group increased their price objective on Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Wells Fargo & Company started coverage on Primoris Services in a research report on Friday, November 14th. They set an “equal weight” rating and a $138.00 target price on the stock. Finally, Jefferies Financial Group restated a “buy” rating and set 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 issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and a consensus target price of $142.71.

About Primoris Services

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.