Phocas Financial Corp. Cuts Stake in Primoris Services Corporation $PRIM

Phocas Financial Corp. lessened its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 55.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 62,478 shares of the company’s stock after selling 77,087 shares during the quarter. Phocas Financial Corp.’s holdings in Primoris Services were worth $7,756,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PRIM. American Century Companies Inc. boosted its stake in shares of Primoris Services by 69.6% during 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 during the period. Wellington Management Group LLP boosted its stake in shares of Primoris Services by 136.0% during the third quarter. Wellington Management Group LLP now owns 663,985 shares of the company’s stock valued at $91,185,000 after purchasing an additional 382,597 shares during the period. Hennessy Advisors Inc. purchased a new stake in shares of Primoris Services during the third quarter valued at approximately $50,071,000. Mackenzie Financial Corp boosted its stake in shares of Primoris Services by 1,093.2% during the third quarter. Mackenzie Financial Corp now owns 380,340 shares of the company’s stock valued at $52,232,000 after purchasing an additional 348,465 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Primoris Services by 2,338.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company’s stock valued at $39,033,000 after purchasing an additional 301,532 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 1.4%

PRIM opened at $166.27 on Wednesday. The business has a fifty day moving average price of $150.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market capitalization of $9.02 billion, a P/E ratio of 33.06 and a beta of 1.38. Primoris Services Corporation has a 12-month low of $53.13 and a 12-month high of $174.43.

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

Primoris Services Announces Dividend

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 dividend of $0.08 per share. The ex-dividend date is Tuesday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. Primoris Services’s dividend payout ratio (DPR) is presently 6.36%.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of analyst reports. The Goldman Sachs Group increased 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. Wall Street Zen lowered Primoris Services from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research lowered Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Primoris Services in a research note on Tuesday, January 20th. Finally, UBS Group raised their price target on Primoris Services from $165.00 to $176.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $156.31.

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.