GW&K Investment Management LLC Has $32.02 Million Position in Primoris Services Corporation $PRIM

GW&K Investment Management LLC lowered its stake in Primoris Services Corporation (NYSE:PRIM) by 49.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 257,933 shares of the company’s stock after selling 249,281 shares during the quarter. GW&K Investment Management LLC’s holdings in Primoris Services were worth $32,020,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PRIM. GSA Capital Partners LLP acquired a new stake in Primoris Services during the 3rd quarter worth $1,726,000. Nordea Investment Management AB acquired a new stake in Primoris Services during the 4th quarter worth $7,181,000. New York State Teachers Retirement System grew its holdings in Primoris Services by 327.8% during the 4th quarter. New York State Teachers Retirement System now owns 20,892 shares of the company’s stock worth $2,594,000 after acquiring an additional 16,008 shares during the period. Principal Financial Group Inc. grew its holdings in Primoris Services by 509.6% during the 4th quarter. Principal Financial Group Inc. now owns 336,713 shares of the company’s stock worth $41,800,000 after acquiring an additional 281,482 shares during the period. Finally, Leuthold Group LLC grew its holdings in Primoris Services by 1,350.3% during the 3rd quarter. Leuthold Group LLC now owns 48,947 shares of the company’s stock worth $6,722,000 after acquiring an additional 45,572 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Trading Down 9.7%

Shares of NYSE PRIM opened at $93.87 on Thursday. The company’s fifty day moving average is $138.54 and its 200-day moving average is $139.71. 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 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 posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.28). The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The company’s revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Equities research analysts predict that Primoris Services Corporation will post 4.55 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors 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 Buying and Selling at Primoris Services

In related 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 value of $3,798,337.02. Following the sale, the insider directly owned 27,574 shares of the company’s stock, valued at approximately $3,525,611.64. The trade was a 51.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David Lee King sold 20,000 shares of the business’s stock in a transaction on 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 completion of 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 SEC filing for this sale provides additional information. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on PRIM shares. Guggenheim lifted their target price on shares of Primoris Services from $184.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Primoris Services in a report on Tuesday. 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. Wolfe Research started coverage on shares of Primoris Services in a research report on Thursday, April 9th. They set an “outperform” rating and a $183.00 price target on the stock. Finally, Wall Street Zen cut shares of Primoris Services from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.