Raiffeisen Bank International AG Makes New Investment in Primoris Services Co. $PRIM

Raiffeisen Bank International AG acquired a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,000 shares of the construction company's stock, valued at approximately $843,000.

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Several other hedge funds and other institutional investors have also modified their holdings of PRIM. Public Employees Retirement System of Ohio raised its stake in 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 valued at $38,000 after purchasing an additional 223 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after purchasing an additional 535 shares during the period. Brooklyn Investment Group raised its position in shares of 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 last quarter. NewEdge Advisors LLC lifted its stake in shares of Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after buying an additional 194 shares during the period. Finally, Allworth Financial LP grew its position in Primoris Services by 241.5% during the second quarter. Allworth Financial LP now owns 765 shares of the construction company's stock worth $60,000 after buying an additional 541 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PRIM shares. KeyCorp upped their price target on Primoris Services from $154.00 to $159.00 and gave the company an "overweight" rating in a report on Wednesday, November 5th. Needham & Company LLC restated a "buy" rating on shares of Primoris Services in a research note on Wednesday, November 5th. UBS Group raised their target price on Primoris Services from $135.00 to $158.00 and gave the stock a "buy" rating in a research report on Wednesday, October 1st. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $141.00 to $145.00 and gave the company an "overweight" rating in a report on Wednesday, November 5th. Finally, Roth Capital started coverage on shares of Primoris Services in a report on Thursday, October 9th. They set a "buy" rating and a $170.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and an average price target of $142.54.

Read Our Latest Analysis on Primoris Services

Primoris Services Stock Performance

Shares of NASDAQ:PRIM opened at $118.59 on Wednesday. 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 business's fifty day moving average price is $132.13 and its two-hundred day moving average price is $104.10. Primoris Services Co. has a fifty-two week low of $49.10 and a fifty-two week high of $146.16. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 39.27 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.37 by $0.51. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm's revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. As a group, analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is presently 6.31%.

Insider Activity

In other 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 value of $1,689,477.93. Following the completion of the transaction, the director owned 4,495 shares in the company, valued at approximately $562,908.85. The trade was a 75.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares of the company's stock, valued at $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 22,932 shares of company stock worth $2,869,099. 1.40% of the stock is currently owned by insiders.

Primoris Services Profile

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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