Inspire Investing LLC Trims Stock Position in Primoris Services Corporation $PRIM

Inspire Investing LLC cut its holdings in Primoris Services Corporation (NYSE:PRIM) by 74.0% during the 1st quarter, Holdings Channel reports. The firm owned 3,589 shares of the company’s stock after selling 10,203 shares during the period. Inspire Investing LLC’s holdings in Primoris Services were worth $513,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP raised its position in shares of Primoris Services by 163.0% during the 4th quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company’s stock worth $216,774,000 after purchasing an additional 1,082,218 shares during the last quarter. Norges Bank acquired a new stake in Primoris Services during the 4th quarter valued at $103,368,000. State Street Corp grew its holdings in Primoris Services by 56.8% during the 4th quarter. State Street Corp now owns 2,011,488 shares of the company’s stock valued at $249,866,000 after buying an additional 728,646 shares during the last quarter. Vanguard Group Inc. increased its position in Primoris Services by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock worth $804,361,000 after buying an additional 466,192 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in Primoris Services by 1,093.2% during the third quarter. Mackenzie Financial Corp now owns 380,340 shares of the company’s stock worth $52,232,000 after buying an additional 348,465 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Ratings Changes

A number of research firms have recently weighed in on PRIM. Guggenheim reissued a “buy” rating and issued a $162.00 price target on shares of Primoris Services in a report on Tuesday, June 23rd. JPMorgan Chase & Co. raised Primoris Services from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $105.00 to $116.00 in a research note on Monday, June 29th. The Goldman Sachs Group upgraded Primoris Services from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $107.00 to $102.00 in a research report on Thursday, June 25th. Mizuho cut their target price on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. Finally, Weiss Ratings lowered shares of Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.79.

Primoris Services Stock Down 0.1%

PRIM stock opened at $88.08 on Friday. The company has a 50 day moving average price of $117.66 and a two-hundred day moving average price of $136.01. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28. The stock has a market capitalization of $4.78 billion, a P/E ratio of 19.40 and a beta of 1.41. Primoris Services Corporation has a one year low of $65.00 and a one year high of $205.50.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the company earned $0.98 EPS. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, sell-side analysts expect that Primoris Services Corporation will post 1.88 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, June 30th. Primoris Services’s dividend payout ratio is presently 7.05%.

Primoris Services Company Profile

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.