Harbor Capital Advisors Inc. Decreases Stock Position in Primoris Services Co. $PRIM

Harbor Capital Advisors Inc. reduced its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 65.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 13,100 shares of the construction company’s stock after selling 24,906 shares during the period. Harbor Capital Advisors Inc.’s holdings in Primoris Services were worth $1,799,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRIM. Osterweis Capital Management Inc. acquired a new stake in shares of Primoris Services in the second quarter valued at approximately $34,000. Public Employees Retirement System of Ohio raised its position in shares of Primoris Services by 85.4% during the 2nd 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 during the last quarter. Parallel Advisors LLC lifted its stake in Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after buying an additional 535 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after buying an additional 194 shares in the last quarter. Finally, Twin Tree Management LP acquired a new stake in Primoris Services during the 1st quarter valued at $59,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Guggenheim restated a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. KeyCorp raised their price target on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Glj Research assumed coverage on shares of Primoris Services in a report on Monday, September 22nd. They set a “buy” rating and a $160.00 price target for the company. Finally, Wells Fargo & Company started coverage on shares of Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and a consensus target price of $140.57.

Primoris Services Stock Performance

Shares of PRIM stock opened at $129.53 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of 42.89 and a beta of 1.37. Primoris Services Co. has a one year low of $49.10 and a one year high of $146.16. The company has a 50 day moving average price of $129.09 and a 200 day moving average price of $113.88.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.51. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently declared 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 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%.

Insider Transactions at Primoris Services

In other news, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction dated 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 directly owned 21,530 shares of the company’s stock, valued at $2,909,564.20. The trade was a 8.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David Lee King sold 3,500 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $130.00, for a total value of $455,000.00. Following the sale, the chief executive officer owned 21,302 shares of the company’s stock, valued at $2,769,260. The trade was a 14.11% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 26,888 shares of company stock valued at $3,488,679. 1.40% of the stock is owned by company insiders.

Primoris Services Company 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.