Primoris Services Corporation $PRIM Shares Bought by Marietta Investment Partners LLC

Marietta Investment Partners LLC raised its stake in Primoris Services Corporation (NYSE:PRIM) by 47.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 20,082 shares of the company’s stock after buying an additional 6,500 shares during the quarter. Marietta Investment Partners LLC’s holdings in Primoris Services were worth $2,493,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its stake in Primoris Services by 37.1% in the fourth quarter. Bank of New York Mellon Corp now owns 356,717 shares of the company’s stock valued at $44,283,000 after acquiring an additional 96,523 shares during the period. Goldman Sachs Group Inc. boosted its stake in Primoris Services by 63.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 612,154 shares of the company’s stock valued at $75,993,000 after acquiring an additional 237,427 shares during the period. Hazlett Burt & Watson Inc. boosted its stake in Primoris Services by 63.8% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 950 shares of the company’s stock valued at $119,000 after acquiring an additional 370 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Primoris Services in the fourth quarter valued at approximately $1,661,000. Finally, Norges Bank acquired a new position in Primoris Services in the fourth quarter valued at approximately $103,368,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Primoris Services

In other news, Director David Lee King sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the completion of the transaction, the director directly owned 14,941 shares in the company, valued at approximately $1,779,323.69. The trade was a 57.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John M. Perisich sold 29,707 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the sale, the insider directly owned 27,574 shares in the company, valued at approximately $3,525,611.64. The trade was a 51.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on PRIM shares. Guggenheim lifted their target price on Primoris Services from $184.00 to $195.00 and gave the company a “buy” rating in a research note on Monday, April 20th. KeyCorp decreased their target price on Primoris Services from $179.00 to $137.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Weiss Ratings downgraded Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 28th. Cantor Fitzgerald lifted their target price on Primoris Services from $113.00 to $124.00 and gave the company a “neutral” rating in a research note on Tuesday, May 19th. Finally, Zacks Research downgraded Primoris Services from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.20.

Primoris Services Stock Performance

Shares of NYSE PRIM opened at $126.33 on Thursday. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. The stock has a 50 day simple moving average of $141.43 and a 200-day simple moving average of $139.87. The company has a market cap of $6.85 billion, a PE ratio of 27.82 and a beta of 1.36. Primoris Services Corporation has a 12-month low of $70.68 and a 12-month high of $205.50.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.28). The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. On average, equities research analysts forecast that Primoris Services Corporation will post 4.55 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services’s payout ratio is currently 7.05%.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.