First Trust Advisors LP Grows Holdings in Primoris Services Corporation $PRIM

First Trust Advisors LP increased its holdings in shares of Primoris Services Corporation (NYSE:PRIM) by 47.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,886,163 shares of the company’s stock after purchasing an additional 928,155 shares during the period. First Trust Advisors LP owned 5.32% of Primoris Services worth $412,837,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

PRIM has been the subject of a number of recent research reports. Needham & Company LLC decreased their price objective on Primoris Services from $188.00 to $172.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Wells Fargo & Company dropped their target price on Primoris Services from $118.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 23rd. Guggenheim restated a “buy” rating and set a $162.00 price target on shares of Primoris Services in a research note on Tuesday, June 23rd. Wall Street Zen downgraded Primoris Services from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, UBS Group lowered their price objective on shares of Primoris Services from $212.00 to $186.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Eleven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and a consensus price target of $137.47.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, insider John M. Perisich sold 29,707 shares of the business’s stock in a transaction on 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 directly owned 27,574 shares in the company, valued at approximately $3,525,611.64. The trade was a 51.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Lee King sold 20,000 shares of the company’s stock in a transaction on 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 transaction, the director directly owned 14,941 shares in the company, valued at approximately $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.10% of the company’s stock.

Primoris Services Price Performance

Shares of NYSE:PRIM opened at $87.58 on Wednesday. Primoris Services Corporation has a 52 week low of $65.00 and a 52 week high of $205.50. The company has a 50-day moving average price of $103.20 and a 200 day moving average price of $132.76. The company has a market cap of $4.75 billion, a P/E ratio of 19.29 and a beta of 1.41. 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 released its 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). The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 EPS. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Research analysts predict that Primoris Services Corporation will post 1.87 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Tuesday, June 30th. Primoris Services’s dividend payout ratio is currently 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.