Company Overview - Primoris Services Corporation is a leading specialty contractor in the engineering and construction sector, focusing on utilities, energy, and pipeline services [7] - The company reported trailing twelve-month revenue of $7.46 billion and net income of $277.14 million as of September 30, 2025 [5][10] - Primoris offers a range of services including construction, fabrication, maintenance, replacement, and engineering across various segments [10] Investment Activity - Informed Momentum Co LLC initiated a new position in Primoris Services Corporation, acquiring 67,981 shares valued at $9.18 million, representing 1.05% of the fund's total reportable assets under management (AUM) of $872.25 million [2][3] - This new position made Primoris the fourth largest holding among Informed Momentum's 254 equities [11] Market Performance - As of November 14, 2025, Primoris shares were priced at $118.04, reflecting a 50.2% increase over the past year, significantly outperforming the S&P 500 by 37.14 percentage points [3][5] - The company experienced a substantial revenue increase of 32% year-over-year in the third quarter, reaching $2.2 billion [12] Industry Context - Primoris is benefiting from the growing demand for infrastructure projects, particularly those aimed at expanding U.S. data center capacity to support artificial intelligence [12][13] - The AI industry is anticipated to undergo significant expansion, which could lead to continued sales growth for Primoris [13]

Core Insights - Tensile Capital Management initiated a new stake in Centuri Holdings, acquiring 812,088 shares valued at approximately $17.2 million, indicating institutional confidence in the company [1][2] - Centuri Holdings has shown strong financial performance with record quarterly revenue and a significant backlog, suggesting robust growth potential [10][11] Company Overview - Centuri Holdings is a leading utility infrastructure services provider with a diversified portfolio across gas and electric segments in the U.S. and Canada, focusing on modernization and reliability initiatives for utility clients [6][8] - The company reported a total revenue of $2.8 billion and a net income of $2.5 million, with a market capitalization of $2.5 billion [4] Financial Performance - In the third quarter, Centuri's revenue rose 18% to a record $850 million, while base revenue increased by 25% year over year, and base gross profit climbed 28% [10] - The firm's backlog reached a record $5.9 billion, up 59% from year-end 2024, providing promising visibility into future growth [10] Market Position - Centuri shares are currently priced at $25.58, reflecting an 18% increase over the past year, slightly outperforming the S&P 500, which is up 13% in the same period [3] - The new position by Tensile Capital represents about 2.2% of the fund's reportable U.S. equity AUM as of September 30 [3]