OP Asset Management Ltd Invests $891,000 in Primoris Services Corporation $PRIM

OP Asset Management Ltd purchased a new position in Primoris Services Corporation (NYSE:PRIM) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,232 shares of the company’s stock, valued at approximately $891,000.

Other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP increased its position in Primoris Services by 163.0% in the fourth quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company’s stock worth $216,774,000 after buying an additional 1,082,218 shares during the last quarter. Norges Bank purchased a new stake in Primoris Services in the 4th quarter worth about $103,368,000. State Street Corp raised its stake in Primoris Services by 56.8% in the 4th quarter. State Street Corp now owns 2,011,488 shares of the company’s stock valued at $249,866,000 after acquiring an additional 728,646 shares during the period. Vanguard Group Inc. lifted its holdings in Primoris Services by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock valued at $804,361,000 after purchasing an additional 466,192 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in Primoris Services by 69.6% during the third quarter. American Century Companies Inc. now owns 1,019,856 shares of the company’s stock valued at $140,057,000 after purchasing an additional 418,374 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. UBS Group cut their target price on shares of Primoris Services from $212.00 to $186.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Cantor Fitzgerald dropped their price target on shares of Primoris Services from $124.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, June 25th. Weiss Ratings downgraded shares of Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. Guggenheim reiterated a “buy” rating and issued a $162.00 price objective on shares of Primoris Services in a research note on Tuesday, June 23rd. Finally, Needham & Company LLC lowered their target price on shares of Primoris Services from $205.00 to $188.00 and set a “buy” rating on the stock in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.00.

Insider Buying and Selling

In other Primoris Services news, Director David Lee King sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total value of $2,381,800.00. Following the sale, the director directly owned 14,941 shares in the company, valued at $1,779,323.69. This represents a 57.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John M. Perisich sold 29,707 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the completion of the sale, the insider owned 27,574 shares in the company, valued at $3,525,611.64. This represents a 51.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.10% of the company’s stock.

Primoris Services Stock Up 4.4%

PRIM stock opened at $97.22 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $5.27 billion, a PE ratio of 21.42 and a beta of 1.37. Primoris Services Corporation has a twelve month low of $65.00 and a twelve month high of $205.50. The stock has a 50-day simple moving average of $123.63 and a two-hundred day simple moving average of $137.16.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.28). Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The company’s quarterly revenue was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. On average, equities analysts predict that Primoris Services Corporation will post 1.91 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Primoris Services’s dividend payout ratio is 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.