Clearbridge Investments LLC Has $8.98 Million Position in Primoris Services Corporation $PRIM

Clearbridge Investments LLC lowered its holdings in Primoris Services Corporation (NYSE:PRIM) by 21.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 72,355 shares of the company’s stock after selling 20,052 shares during the quarter. Clearbridge Investments LLC’s holdings in Primoris Services were worth $8,982,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Primoris Services by 7.8% in the 4th quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock worth $804,361,000 after acquiring an additional 466,192 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Primoris Services by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company’s stock worth $164,526,000 after acquiring an additional 42,052 shares during the last quarter. State Street Corp raised its holdings in shares of Primoris Services by 2.6% in the 2nd quarter. State Street Corp now owns 1,320,947 shares of the company’s stock worth $103,058,000 after acquiring an additional 33,399 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Primoris Services by 69.6% in the 3rd quarter. American Century Companies Inc. now owns 1,019,856 shares of the company’s stock worth $140,057,000 after acquiring an additional 418,374 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in shares of Primoris Services by 0.5% in the 4th quarter. Westfield Capital Management Co. LP now owns 952,196 shares of the company’s stock worth $118,206,000 after acquiring an additional 4,888 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insiders Place Their Bets

In other Primoris Services news, Director David Lee King sold 20,000 shares of the firm’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 of the company’s stock, valued at $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John M. Perisich sold 29,707 shares of the company’s stock in a transaction dated 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. This trade represents a 51.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the topic of several analyst reports. Wall Street Zen cut Primoris Services from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Primoris Services in a research report on Tuesday. Zacks Research cut Primoris Services from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Wells Fargo & Company cut their target price on Primoris Services from $168.00 to $118.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th. Finally, KeyCorp lowered their target price on shares of Primoris Services from $179.00 to $137.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $156.20.

Primoris Services Stock Down 9.7%

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 stock has a market cap of $5.09 billion, a price-to-earnings ratio of 20.68 and a beta of 1.36. Primoris Services Corporation has a twelve month low of $71.84 and a twelve month high of $205.50. The company’s 50-day moving average price is $138.54 and its two-hundred day moving average price is $139.71.

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

Primoris Services Dividend Announcement

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 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Primoris Services’s dividend payout ratio (DPR) is currently 7.05%.

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.