Voya Investment Management LLC Has $1.35 Million Stake in Primoris Services Co. $PRIM

Voya Investment Management LLC reduced its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 84.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,845 shares of the construction company’s stock after selling 53,719 shares during the quarter. Voya Investment Management LLC’s holdings in Primoris Services were worth $1,352,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Osterweis Capital Management Inc. bought a new stake in Primoris Services in the 2nd quarter valued at $34,000. Public Employees Retirement System of Ohio increased its holdings in shares of Primoris Services by 85.4% in the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after purchasing an additional 223 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Primoris Services by 6,687.5% in the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after purchasing an additional 535 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after buying an additional 194 shares during the last quarter. Finally, Twin Tree Management LP bought a new stake in shares of Primoris Services during the 1st quarter worth about $59,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

Primoris Services stock opened at $126.76 on Tuesday. The firm has a market cap of $6.85 billion, a PE ratio of 41.97 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock’s fifty day moving average price is $128.69 and its two-hundred day moving average price is $115.22. Primoris Services Co. has a one year low of $49.10 and a one year high of $146.16.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share 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 during the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the prior year, the company posted $1.22 EPS. The company’s revenue 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. As a group, research analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 6.31%.

Insider Activity

In other news, CEO David Lee King sold 3,500 shares of the company’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 sale, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. This represents a 14.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the completion of the transaction, the director directly owned 21,530 shares in the company, valued at $2,909,564.20. This trade represents a 8.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,888 shares of company stock valued at $3,488,679 over the last quarter. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Primoris Services in a report on Monday, November 24th. They issued a “sell” rating and a $117.00 price target on the stock. Wells Fargo & Company initiated coverage on Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 target price on the stock. Glj Research assumed coverage on Primoris Services in a report on Monday, September 22nd. They set a “buy” rating and a $160.00 price target for the company. UBS Group upped 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. Finally, Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.57.

Primoris Services 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.