Primoris Services Corporation $PRIM Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in Primoris Services Corporation (NYSE:PRIM) by 2.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 343,443 shares of the company’s stock after acquiring an additional 6,730 shares during the period. Principal Financial Group Inc. owned approximately 0.63% of Primoris Services worth $49,126,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its stake in shares of Primoris Services by 163.0% in the 4th quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company’s stock valued at $216,774,000 after purchasing an additional 1,082,218 shares during the last quarter. Norges Bank purchased a new stake in Primoris Services in the 4th quarter valued at about $103,368,000. State Street Corp raised its holdings 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 buying an additional 728,646 shares during the period. Vanguard Group Inc. lifted its position in Primoris Services by 7.8% in the fourth quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock valued at $804,361,000 after buying an additional 466,192 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Primoris Services by 2,338.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company’s stock valued at $39,033,000 after buying an additional 301,532 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Performance

NYSE PRIM opened at $86.10 on Friday. The company has a market cap of $4.67 billion, a P/E ratio of 18.96 and a beta of 1.41. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28. The stock has a 50-day moving average of $104.26 and a two-hundred day moving average of $133.23. Primoris Services Corporation has a 1-year low of $65.00 and a 1-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 (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $1.73 billion. During the same period in the prior year, the company posted $0.98 EPS. The firm’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, analysts anticipate 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 was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.08 per share. The ex-dividend date was Tuesday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Primoris Services’s dividend payout ratio is 7.05%.

Wall Street Analysts Forecast Growth

PRIM has been the subject of a number of recent analyst reports. Mizuho dropped their price target on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Wells Fargo & Company decreased their price objective 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. UBS Group lowered their price objective 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 target price on shares of Primoris Services from $124.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, June 25th. Finally, Guggenheim reissued a “buy” rating and issued a $162.00 target price on shares of Primoris Services in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and an average price target of $142.13.

Insider Activity at Primoris Services

In other Primoris Services news, Director David Lee King sold 20,000 shares of the firm’s 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 completion of the transaction, the director owned 14,941 shares of the company’s stock, valued at $1,779,323.69. This trade represents a 57.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John M. Perisich sold 29,707 shares of the business’s stock in a transaction 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 transaction, the insider owned 27,574 shares of the company’s stock, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.10% of the company’s stock.

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.