SG Americas Securities LLC Takes Position in Primoris Services Co. $PRIM

SG Americas Securities LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 14,127 shares of the construction company’s stock, valued at approximately $1,940,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its holdings in shares of Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after buying an additional 194 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Primoris Services by 7.4% during the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the construction company’s stock valued at $28,337,000 after acquiring an additional 33,934 shares in the last quarter. Caxton Associates LLP bought a new stake in Primoris Services during the 1st quarter worth approximately $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Primoris Services by 25.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company’s stock worth $9,650,000 after purchasing an additional 33,818 shares in the last quarter. Finally, Strs Ohio bought a new position in Primoris Services in the 1st quarter valued at $964,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PRIM shares. Needham & Company LLC reaffirmed a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. 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 target price for the company. The Goldman Sachs Group began coverage on Primoris Services in a research note on Monday, November 24th. They issued a “sell” rating and a $117.00 target price on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $161.00 price target on shares of Primoris Services in a research report on Wednesday, November 5th. Finally, KeyCorp boosted their price objective on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.71.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 7,815 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the transaction, the director owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This trade represents a 9.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Lee King sold 3,500 shares of Primoris Services stock in a transaction on Monday, November 10th. The stock was 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 owned 21,302 shares in the company, valued at approximately $2,769,260. The trade was a 14.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 26,888 shares of company stock worth $3,488,679 over the last 90 days. Company insiders own 1.40% of the company’s stock.

Primoris Services Trading Down 0.1%

Shares of PRIM stock opened at $137.84 on Thursday. The business has a 50-day moving average price of $126.66 and a two-hundred day moving average price of $119.43. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $146.16. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market cap of $7.45 billion, a P/E ratio of 45.64 and a beta of 1.36.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data 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. The company had revenue of $2.18 billion for 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%.Primoris Services’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period last year, the firm posted $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Equities analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Wednesday, December 31st. Primoris Services’s payout ratio is presently 6.31%.

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.