Primoris Services Co. $PRIM Stock Position Raised by West Tower Group LLC

West Tower Group LLC boosted its stake in Primoris Services Co. (NASDAQ:PRIM) by 15.8% in the second quarter, HoldingsChannel reports. The firm owned 25,600 shares of the construction company’s stock after acquiring an additional 3,500 shares during the period. Primoris Services makes up approximately 4.3% of West Tower Group LLC’s holdings, making the stock its 4th largest holding. West Tower Group LLC’s holdings in Primoris Services were worth $1,995,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. grew its holdings in shares of Primoris Services by 130.9% in the first quarter. Blue Trust Inc. now owns 2,256 shares of the construction company’s stock worth $130,000 after acquiring an additional 1,279 shares during the period. Advisor Resource Council purchased a new position in Primoris Services in the first quarter worth about $749,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Primoris Services during the 1st quarter valued at about $231,000. Moran Wealth Management LLC purchased a new stake in shares of Primoris Services during the 1st quarter valued at about $555,000. Finally, Total Wealth Planning & Management Inc. increased its position in shares of Primoris Services by 5.4% during the 1st quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company’s stock valued at $536,000 after purchasing an additional 475 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 9,534 shares in the company, valued at $1,143,031.26. This represents a 23.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of Primoris Services 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 sale, the chief operating officer owned 9,580 shares in the company, valued at approximately $1,187,920. The trade was a 23.88% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,941 shares of company stock valued at $3,004,821. Corporate insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PRIM. KeyCorp boosted their target price on shares of Primoris Services from $119.00 to $129.00 and gave the company an “overweight” rating in a research report on Tuesday, September 2nd. Mizuho assumed coverage on shares of Primoris Services in a research report on Thursday, September 4th. They set a “neutral” rating and a $112.00 price objective for the company. JPMorgan Chase & Co. raised their target price on Primoris Services from $128.00 to $141.00 and gave the stock an “overweight” rating in a report on Thursday. Glj Research assumed coverage on Primoris Services in a research report on Monday, September 22nd. They set a “buy” rating and a $160.00 target price on the stock. Finally, Roth Capital began coverage on Primoris Services in a research report on Thursday, October 9th. They issued a “buy” rating and a $170.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and a consensus target price of $128.42.

Primoris Services Stock Down 1.4%

Shares of PRIM stock opened at $136.83 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a one year low of $49.10 and a one year high of $142.84. The company’s fifty day moving average price is $124.66 and its 200-day moving average price is $92.42. The company has a market capitalization of $7.39 billion, a price-to-earnings ratio of 45.31 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.Primoris Services’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Sell-side analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Tuesday, September 30th. Primoris Services’s dividend payout ratio (DPR) is 7.26%.

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.