Wellington Management Group LLP Sells 535 Shares of Primoris Services Co. $PRIM

Wellington Management Group LLP lessened its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 0.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,995 shares of the construction company’s stock after selling 535 shares during the period. Wellington Management Group LLP’s holdings in Primoris Services were worth $13,434,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in Primoris Services during the 1st quarter worth about $111,497,000. Congress Asset Management Co. increased its holdings in Primoris Services by 19.8% during the 1st quarter. Congress Asset Management Co. now owns 765,843 shares of the construction company’s stock worth $43,967,000 after purchasing an additional 126,430 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Primoris Services by 9.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 755,303 shares of the construction company’s stock worth $43,362,000 after purchasing an additional 62,350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Primoris Services by 5.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 736,740 shares of the construction company’s stock worth $56,287,000 after purchasing an additional 40,805 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Primoris Services by 10.6% during the 4th quarter. Northern Trust Corp now owns 545,309 shares of the construction company’s stock worth $41,662,000 after purchasing an additional 52,168 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PRIM has been the subject of a number of research reports. UBS Group increased their target price on Primoris Services from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, August 5th. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. KeyCorp increased their target price on Primoris Services from $98.00 to $119.00 and gave the stock an “overweight” rating in a report on Wednesday, August 6th. DA Davidson raised their price objective on Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Finally, Janney Montgomery Scott started coverage on Primoris Services in a report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price objective for the company. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.67.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $117.24 on Wednesday. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 38.82 and a beta of 1.44. The business has a 50-day moving average of $93.70 and a 200-day moving average of $75.90. 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 fifty-two week low of $48.33 and a fifty-two week high of $117.31.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.58. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.69 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 20.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services’s dividend payout ratio (DPR) is 7.26%.

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.