Primoris Services Corporation $PRIM Shares Sold by Renaissance Group LLC

Renaissance Group LLC reduced its holdings in Primoris Services Corporation (NYSE:PRIM) by 10.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 55,347 shares of the company’s stock after selling 6,757 shares during the period. Renaissance Group LLC’s holdings in Primoris Services were worth $6,871,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PRIM. Vanguard Group Inc. raised its holdings 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 last quarter. Geode Capital Management LLC boosted its holdings in shares of Primoris Services by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company’s stock worth $164,526,000 after purchasing an additional 42,052 shares during the last quarter. State Street Corp grew its position in shares of Primoris Services by 2.6% in the second quarter. State Street Corp now owns 1,320,947 shares of the company’s stock valued at $103,058,000 after purchasing an additional 33,399 shares in the last quarter. American Century Companies Inc. grew its position in shares of Primoris Services by 69.6% in the third quarter. American Century Companies Inc. now owns 1,019,856 shares of the company’s stock valued at $140,057,000 after purchasing an additional 418,374 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its holdings in shares of Primoris Services by 0.5% in the fourth quarter. Westfield Capital Management Co. LP now owns 952,196 shares of the company’s stock valued at $118,206,000 after purchasing an additional 4,888 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Down 9.7%

Shares of NYSE PRIM opened at $93.87 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $138.54 and its two-hundred day moving average is $139.71. Primoris Services Corporation has a 52-week low of $71.84 and a 52-week high of $205.50. The firm has a market cap of $5.09 billion, a price-to-earnings ratio of 20.68 and a beta of 1.36.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings data 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). The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Research analysts predict that Primoris Services Corporation will post 4.55 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given 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 payout ratio is currently 7.05%.

Insider Activity

In other Primoris Services news, Director David Lee King sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the sale, the director directly owned 14,941 shares in the company, valued at $1,779,323.69. This represents a 57.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John M. Perisich sold 29,707 shares of the stock in a transaction dated 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 sale, the insider directly owned 27,574 shares in the company, valued at $3,525,611.64. This represents a 51.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PRIM. Guggenheim lifted their price objective on Primoris Services from $184.00 to $195.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. KeyCorp cut their target price on Primoris Services from $179.00 to $137.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Mizuho upgraded Primoris Services from a “neutral” rating to an “outperform” rating and reduced their price target for the stock from $175.00 to $135.00 in a report on Monday, May 11th. JPMorgan Chase & Co. upped their price objective on shares of Primoris Services from $165.00 to $171.00 and gave the company a “neutral” rating in a report on Wednesday, April 1st. Finally, Weiss Ratings cut shares of Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.20.

About Primoris Services

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.