Primoris Services Co. $PRIM Stock Position Lifted by Federated Hermes Inc.

Federated Hermes Inc. lifted its position in Primoris Services Co. (NASDAQ:PRIM) by 3.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 359,876 shares of the construction company’s stock after acquiring an additional 12,091 shares during the quarter. Federated Hermes Inc.’s holdings in Primoris Services were worth $49,422,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PRIM. Uncommon Cents Investing LLC boosted its holdings in Primoris Services by 2.1% in the third quarter. Uncommon Cents Investing LLC now owns 3,900 shares of the construction company’s stock worth $536,000 after purchasing an additional 80 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of Primoris Services by 2.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,528 shares of the construction company’s stock worth $431,000 after buying an additional 121 shares during the last quarter. Oliver Luxxe Assets LLC lifted its position in shares of Primoris Services by 0.4% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 32,308 shares of the construction company’s stock worth $4,437,000 after buying an additional 124 shares during the last quarter. Ethic Inc. boosted its holdings in shares of Primoris Services by 4.3% in the 3rd quarter. Ethic Inc. now owns 3,163 shares of the construction company’s stock valued at $434,000 after buying an additional 131 shares during the period. Finally, McIlrath & Eck LLC grew its position in shares of Primoris Services by 109.8% during the 3rd quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock valued at $38,000 after buying an additional 145 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of the firm’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carla S. Mashinski sold 2,082 shares of the company’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 transaction of $281,361.48. Following the completion of the sale, the director directly owned 21,530 shares of the company’s stock, valued at approximately $2,909,564.20. This represents a 8.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,888 shares of company stock worth $3,488,679 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Up 2.3%

PRIM opened at $152.49 on Friday. The stock’s 50 day moving average price is $132.84 and its 200 day moving average price is $124.26. 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 stock has a market cap of $8.24 billion, a P/E ratio of 50.49 and a beta of 1.36. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $155.19.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results 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 return on equity of 15.23% and a net margin of 2.68%.The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the prior year, the business posted $1.22 earnings per share. The company’s revenue for the quarter was up 32.1% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. As a group, research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PRIM. Jefferies Financial Group reissued a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a report on Wednesday, November 5th. DA Davidson raised their price target on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Roth Mkm initiated coverage on Primoris Services in a research report on Thursday, October 9th. They set a “buy” rating and a $170.00 price objective for the company. Wells Fargo & Company assumed coverage on Primoris Services in a research note on Friday, November 14th. They issued an “equal weight” rating and a $138.00 target price on the stock. Finally, KeyCorp boosted their price target on shares of Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $144.93.

About Primoris Services

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.