Vinva Investment Management Ltd Acquires Shares of 4,237 Primoris Services Co. $PRIM

Vinva Investment Management Ltd acquired 4,237 shares of Primoris Services Co. (NASDAQ:PRIM) in the 2nd quarter, valued at approximately $330,000. Other institutional investors also increased their positions in the company. Insider transactions included sales by COO Jeremy Kinch and CEO David Lee King. Analysts have mixed ratings on the stock, with a consensus rating of 'Moderate Buy' and an average price target of $140.71. Primoris Services' stock performance shows a 52-week range of $49.10 to $146.16.

Vinva Investment Management Ltd bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,237 shares of the construction company's stock, valued at approximately $330,000.

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A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Brooklyn Investment Group grew its position in Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after buying an additional 544 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Primoris Services by 85.4% in the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock valued at $38,000 after acquiring an additional 223 shares during the last quarter. Parallel Advisors LLC boosted its stake 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 acquiring an additional 535 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after acquiring an additional 194 shares during the period. Finally, Twin Tree Management LP purchased a new stake in shares of Primoris Services during the 1st quarter worth approximately $59,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In other news, COO Jeremy Kinch sold 3,006 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. The trade was a 23.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David Lee King sold 3,500 shares of the company's 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 transaction, the chief executive officer directly owned 21,302 shares in the company, valued at approximately $2,769,260. The trade was a 14.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,932 shares of company stock valued at $2,869,099 in the last quarter. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on Primoris Services from $141.00 to $145.00 and gave the company an "overweight" rating in a research note on Wednesday, November 5th. The Goldman Sachs Group initiated coverage on Primoris Services in a research note on Monday, November 24th. They set a "sell" rating and a $117.00 price target for the company. DA Davidson lifted their price objective on Primoris Services from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, November 5th. KeyCorp upped their price objective 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. Finally, Guggenheim reiterated a "neutral" rating on shares of Primoris Services in a research note on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $140.71.

Read Our Latest Stock Report on Primoris Services

Primoris Services Stock Performance

Shares of PRIM opened at $126.56 on Friday. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $146.16. The stock's 50-day simple moving average is $132.11 and its 200 day simple moving average is $106.87. 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 stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of 41.91 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, beating 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 firm had revenue of $2.18 billion for the quarter, compared to analysts' expectations of $1.83 billion. During the same period in the prior year, the business posted $1.22 earnings per share. The company's revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services's dividend payout ratio is currently 6.31%.

Primoris Services Company Profile

(Free Report)

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.

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