QRG Capital Management Inc. Decreases Stake in Primoris Services Corporation $PRIM

QRG Capital Management Inc. lessened its holdings in Primoris Services Corporation (NYSE:PRIM) by 65.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,691 shares of the company’s stock after selling 12,450 shares during the period. QRG Capital Management Inc.’s holdings in Primoris Services were worth $957,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PRIM. Harbour Investments Inc. purchased a new position in Primoris Services in the fourth quarter valued at approximately $33,000. Root Financial Partners LLC raised its stake in shares of Primoris Services by 43.1% in the first quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock valued at $33,000 after buying an additional 69 shares during the period. Osterweis Capital Management Inc. bought a new stake in shares of Primoris Services in the second quarter valued at $34,000. Cullen Frost Bankers Inc. lifted its position in shares of Primoris Services by 30.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock valued at $43,000 after buying an additional 81 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock valued at $43,000 after buying an additional 194 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 3.2%

NYSE:PRIM opened at $89.75 on Thursday. Primoris Services Corporation has a 12 month low of $65.00 and a 12 month high of $205.50. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 19.77 and a beta of 1.41. The company has a 50-day moving average price of $112.66 and a 200-day moving average price of $135.28. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM) last posted its 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 firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the company posted $0.98 EPS. The firm’s 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. Equities analysts predict that Primoris Services Corporation will post 1.88 EPS for the current year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders 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 dividend yield of 0.4%. The ex-dividend date is Tuesday, June 30th. Primoris Services’s payout ratio is 7.05%.

Insider Transactions at Primoris Services

In related news, insider John M. Perisich sold 29,707 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the sale, the insider owned 27,574 shares of the company’s stock, valued at $3,525,611.64. The trade was a 51.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Lee King sold 20,000 shares of the company’s stock in a transaction dated 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 sale, the director owned 14,941 shares in the company, valued at approximately $1,779,323.69. This trade represents a 57.24% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several research reports. Mizuho lowered their price target on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating on the stock in a research 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 stock from $105.00 to $116.00 in a report on Monday, June 29th. Zacks Research downgraded Primoris Services from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Wells Fargo & Company lowered their price target on shares of Primoris Services from $118.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 23rd. Finally, Wall Street Zen cut shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. 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 given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $143.20.

Primoris Services 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.