Federated Hermes Inc. Grows Stock Position in Primoris Services Co. $PRIM

Federated Hermes Inc. increased its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 5.8% during the second quarter, Holdings Channel reports. The institutional investor owned 347,785 shares of the construction company’s stock after buying an additional 18,951 shares during the quarter. Federated Hermes Inc.’s holdings in Primoris Services were worth $27,106,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PRIM. Brooklyn Investment Group grew its holdings in Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after acquiring an additional 544 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Primoris Services by 85.4% during the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock worth $38,000 after purchasing an additional 223 shares in the last quarter. Parallel Advisors LLC increased its holdings in 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 buying an additional 535 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after buying an additional 194 shares during the last quarter. Finally, Twin Tree Management LP acquired a new stake in Primoris Services in the first quarter valued at $59,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling

In other news, Director Carla S. Mashinski sold 2,082 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $135.14, for a total value of $281,361.48. Following the transaction, the director owned 21,530 shares of the company’s stock, valued at approximately $2,909,564.20. The trade was a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jeremy Kinch sold 3,006 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This represents a 23.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 25,014 shares of company stock worth $3,150,461. 0.90% of the stock is currently owned by insiders.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $131.85 on Wednesday. The firm’s fifty day simple moving average is $131.31 and its 200-day simple moving average is $109.73. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $146.16. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 43.66 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.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.51. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period last year, the firm posted $1.22 EPS. Primoris Services’s revenue for the quarter was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. As a group, equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services’s dividend payout ratio is currently 6.31%.

Analysts Set New Price Targets

A number of research analysts have recently commented on PRIM shares. Wells Fargo & Company initiated coverage on Primoris Services in a report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price objective on the stock. Mizuho set a $129.00 price target on shares of Primoris Services in a research note on Tuesday, October 28th. The Goldman Sachs Group initiated coverage on shares of Primoris Services in a report on Monday, November 24th. They set a “sell” rating and a $117.00 price objective on the stock. DA Davidson upped their target price on shares of Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Primoris Services has a consensus rating of “Moderate Buy” and a consensus price target of $140.57.

About Primoris Services

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.