Brevan Howard Capital Management LP Sells 54,988 Shares of Primoris Services Corporation $PRIM

Brevan Howard Capital Management LP cut its holdings in shares of Primoris Services Corporation (NYSE:PRIM) by 73.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,255 shares of the company’s stock after selling 54,988 shares during the quarter. Brevan Howard Capital Management LP’s holdings in Primoris Services were worth $2,782,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. GSA Capital Partners LLP bought a new position in Primoris Services during the third quarter valued at about $1,726,000. J.W. Cole Advisors Inc. bought a new stake in Primoris Services in the third quarter worth about $1,193,000. Federated Hermes Inc. boosted its stake in Primoris Services by 5.8% in the second quarter. Federated Hermes Inc. now owns 347,785 shares of the company’s stock valued at $27,106,000 after acquiring an additional 18,951 shares during the last quarter. Leuthold Group LLC boosted its stake in Primoris Services by 1,350.3% in the third quarter. Leuthold Group LLC now owns 48,947 shares of the company’s stock valued at $6,722,000 after acquiring an additional 45,572 shares during the last quarter. Finally, Boston Partners grew its position in shares of Primoris Services by 14.1% during the 2nd quarter. Boston Partners now owns 564,898 shares of the company’s stock valued at $47,823,000 after acquiring an additional 69,996 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Up 6.1%

NYSE PRIM opened at $141.59 on Tuesday. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 28.15 and a beta of 1.36. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24. The company has a 50 day simple moving average of $148.43. Primoris Services Corporation has a 12-month low of $49.10 and a 12-month high of $174.43.

Primoris Services (NYSE:PRIM) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.95 by $0.13. Primoris Services had a net margin of 3.63% and a return on equity of 18.67%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same period last year, the firm earned $1.13 EPS. Primoris Services’s revenue for the quarter was up 6.7% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 6.36%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRIM. DA Davidson set a $180.00 price target on shares of Primoris Services in a research note on Wednesday, February 25th. The Goldman Sachs Group upped their price objective on Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a research note on Wednesday, January 28th. JPMorgan Chase & Co. increased their price objective on Primoris Services from $143.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. UBS Group raised their target price on Primoris Services from $165.00 to $176.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Finally, Cantor Fitzgerald set a $160.00 target price on Primoris Services and gave the company a “neutral” rating in a research note on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average target price of $153.20.

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.