Summit Global Investments Decreases Position in Primoris Services Co. $PRIM

Summit Global Investments lowered its position in Primoris Services Co. (NASDAQ:PRIM) by 29.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 10,479 shares of the construction company’s stock after selling 4,468 shares during the period. Summit Global Investments’ holdings in Primoris Services were worth $1,439,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. purchased a new position in Primoris Services during the 3rd quarter valued at about $37,000. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Primoris Services in the third quarter valued at approximately $37,000. McIlrath & Eck LLC grew its position in shares of Primoris Services by 109.8% in the third quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock valued at $38,000 after purchasing an additional 145 shares during the last quarter. Richardson Financial Services Inc. increased its stake in shares of Primoris Services by 163.1% during the 3rd quarter. Richardson Financial Services Inc. now owns 321 shares of the construction company’s stock worth $44,000 after purchasing an additional 199 shares in the last quarter. Finally, Osterweis Capital Management Inc. purchased a new stake in Primoris Services in the 2nd quarter valued at approximately $34,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Patricia K. Wagner sold 13,491 shares of Primoris Services stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the transaction, the director directly owned 4,495 shares of the company’s stock, valued at $562,908.85. The trade was a 75.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO David Lee King sold 3,500 shares of the 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 sale, the chief executive officer directly 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 26,888 shares of company stock worth $3,488,679. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Trading Down 2.9%

Shares of PRIM stock opened at $148.09 on Friday. The firm’s 50-day simple moving average is $133.45 and its 200-day simple moving average is $124.68. 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 Co. has a 1-year low of $49.10 and a 1-year high of $155.19. The firm has a market cap of $8.00 billion, a P/E ratio of 49.04 and a beta of 1.36.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 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 firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the prior year, the business posted $1.22 earnings per share. Primoris Services’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, equities analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. DA Davidson raised their price target on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. KeyCorp lifted their price objective on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a research note on Wednesday. Wells Fargo & Company initiated 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 target on the stock. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $161.00 price target on shares of Primoris Services in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and a consensus target price of $144.93.

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.