Recent financial disclosures reveal significant shifts in institutional investment holdings, particularly concerning Alberta Investment Management Corp’s adjusted stake in Primoris Services Co.
According to its latest Form 13F filing with the Securities and Exchange Commission, Alberta Investment Management Corp strategically reduced its holding in Primoris Services Co. (NASDAQ:PRIM) by 12.9% during the first quarter. This adjustment left the fund with 61,287 shares of the construction company’s stock, reflecting a sale of 9,078 shares. As of its recent SEC filing, Alberta Investment Management Corp held approximately 0.11% of Primoris Services, valued at an estimated $3,518,000.
Beyond Alberta Investment Management Corp, numerous other prominent hedge funds and institutional investors have also recalibrated their positions in Primoris Services, reflecting dynamic market activity. For instance, US Bancorp DE substantially increased its holdings by 156.5% in the first quarter, now owning 4,820 shares valued at $277,000. Similarly, XTX Topco Ltd escalated its stake by 103.3%, bringing its total to 14,988 shares worth $860,000, while Federated Hermes Inc. notably expanded its holdings by 39.8% to 328,834 shares, amounting to $18,878,000. Overall, institutional investors and hedge funds collectively own a significant 91.82% of the company’s stock.
As of recent market close, Primoris Services Co. (NASDAQ:PRIM) opened at $91.10. The company’s stock has experienced notable fluctuations, ranging from a 1-year low of $45.92 to a 1-year high of $96.16. Key financial metrics underscore the company’s fiscal health, including a debt-to-equity ratio of 0.61, a current ratio of 1.38, and a quick ratio of 1.38. With a robust market capitalization of $4.92 billion, a price-to-earnings ratio of 30.17, and a beta of 1.37, the firm’s fifty-day moving average price stood at $80.83, while its two-hundred-day moving average price was $72.23, indicating an upward trend.
In addition to its stock performance, Primoris Services recently announced a quarterly dividend, which was disbursed on Tuesday, July 15th. Shareholders of record by Monday, June 30th, received a dividend of $0.08 per share, translating to an annualized dividend of $0.32 and a dividend yield of 0.4%. The ex-dividend date for this payment was also Monday, June 30th. Currently, Primoris Services’s dividend payout ratio (DPR) is approximately 8.47%, reflecting a conservative approach to shareholder returns.
The company’s financial standing and future prospects have drawn considerable attention from equities research analysts. Several prominent firms have provided positive outlooks; for example, Piper Sandler and KeyCorp both upped their price targets and maintained “overweight” ratings. Guggenheim reissued a “buy” rating with an ambitious $110.00 target price. Janney Montgomery Scott and JPMorgan Chase & Co. also initiated or increased their “buy” ratings and price objectives. Collectively, based on MarketBeat.com data, Primoris Services currently holds a consensus “Moderate Buy” rating with an average target price of $91.56, indicating strong analyst confidence.
Recent insider transactions have also shaped market perceptions, with a notable instance involving a company director. On Tuesday, June 24th, this director sold 15,000 shares of Primoris Services stock at an average price of $77.37, totaling $1,160,550.00. This transaction represented a 12.79% decrease in their direct ownership, leaving them with 102,281 shares valued at $7,913,480.97. Such disclosures, filed with the SEC, highlight the movements of key stakeholders, with insiders collectively owning 1.40% of the company’s stock.
Primoris Services Corporation operates as a specialty contractor, providing a comprehensive array of construction, fabrication, maintenance, replacement, and engineering services across the United States and Canada. The company strategically segments its operations into two primary divisions: Utilities and Energy/Renewables. The Utilities segment is crucial for infrastructure, offering installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications networks. This diversified service portfolio underscores Primoris Services’s integral role in critical infrastructure development and maintenance.
