Versor Investments LP Has $1.88 Million Stock Position in Primoris Services Co. $PRIM

Versor Investments LP lifted its stake in Primoris Services Co. (NASDAQ:PRIM) by 30.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,168 shares of the construction company’s stock after purchasing an additional 5,675 shares during the quarter. Versor Investments LP’s holdings in Primoris Services were worth $1,884,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Jennison Associates LLC boosted its position in shares of Primoris Services by 20.7% in the 2nd quarter. Jennison Associates LLC now owns 11,435 shares of the construction company’s stock valued at $891,000 after purchasing an additional 1,959 shares during the period. Teacher Retirement System of Texas boosted its position in shares of Primoris Services by 43.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 39,063 shares of the construction company’s stock valued at $3,045,000 after purchasing an additional 11,915 shares during the period. Convergence Investment Partners LLC lifted its stake in Primoris Services by 23.2% in the 2nd quarter. Convergence Investment Partners LLC now owns 16,980 shares of the construction company’s stock worth $1,323,000 after acquiring an additional 3,195 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Primoris Services in the 2nd quarter worth about $265,000. Finally, Envestnet Asset Management Inc. lifted its stake in Primoris Services by 2.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 46,353 shares of the construction company’s stock worth $3,613,000 after acquiring an additional 1,123 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Down 0.0%

PRIM opened at $141.68 on Friday. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $146.16. The business has a 50-day moving average of $130.12 and a 200-day moving average of $98.26. 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 company has a market capitalization of $7.65 billion, a PE ratio of 46.92 and a beta of 1.43.

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

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares of the company’s stock, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. The trade was a 23.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 25,941 shares of company stock valued at $3,004,821 in the last three months. Corporate insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of several research analyst reports. UBS Group increased their price objective on Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Needham & Company LLC initiated coverage on Primoris Services in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $175.00 price objective for the company. KeyCorp increased their price objective on Primoris Services from $129.00 to $154.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Zacks Research downgraded Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. Finally, Guggenheim reissued a “neutral” rating on shares of Primoris Services in a research note on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $135.23.

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.