Legal & General Group Plc Buys 79,621 Shares of Primoris Services Corporation $PRIM

Legal & General Group Plc raised its stake in Primoris Services Corporation (NYSE:PRIM) by 118.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 146,972 shares of the company’s stock after purchasing an additional 79,621 shares during the quarter. Legal & General Group Plc’s holdings in Primoris Services were worth $18,272,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. SBI Securities Co. Ltd. lifted its position in Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the company’s stock valued at $29,000 after purchasing an additional 148 shares during the last quarter. Osterweis Capital Management Inc. bought a new stake in Primoris Services in the second quarter valued at approximately $34,000. Cullen Frost Bankers Inc. increased its stake in shares of Primoris Services by 30.1% during the fourth 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 period. NewEdge Advisors LLC increased its stake in shares of Primoris Services by 34.5% during the first 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 period. Finally, GAMMA Investing LLC increased its stake in shares of Primoris Services by 120.4% during the fourth quarter. GAMMA Investing LLC now owns 357 shares of the company’s stock valued at $44,000 after buying an additional 195 shares during the period. Institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of PRIM stock opened at $121.22 on Tuesday. The stock has a market cap of $6.58 billion, a price-to-earnings ratio of 26.70 and a beta of 1.37. The business’s fifty day moving average is $142.06 and its 200 day moving average is $139.79. Primoris Services Corporation has a twelve month low of $70.68 and a twelve month high of $205.50. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24.

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 the consensus estimate of $0.87 by ($0.28). The firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.Primoris Services’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Research analysts expect that Primoris Services Corporation will post 4.55 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently declared 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 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Primoris Services’s dividend payout ratio is presently 7.05%.

Insider Buying and Selling at Primoris Services

In related news, insider John M. Perisich sold 29,707 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the sale, the insider directly owned 27,574 shares of the company’s stock, valued at $3,525,611.64. This represents a 51.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Lee King sold 20,000 shares of the business’s stock in a transaction on 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 directly owned 14,941 shares in the company, valued at $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. UBS Group reduced their target price on Primoris Services from $212.00 to $186.00 and set a “buy” rating on the stock in a research note on Monday, May 11th. Needham & Company LLC reduced their target price on Primoris Services from $205.00 to $188.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Guggenheim boosted their target price on Primoris Services from $184.00 to $195.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Wall Street Zen cut Primoris Services from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Wolfe Research assumed coverage on Primoris Services in a research note on Thursday, April 9th. They set an “outperform” rating and a $183.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and a consensus target price of $156.20.

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.