Renaissance Group LLC Reduces Stake in Primoris Services Corporation $PRIM

Renaissance Group LLC lessened its holdings in Primoris Services Corporation (NYSE:PRIM) by 10.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,347 shares of the company’s stock after selling 6,757 shares during the quarter. Renaissance Group LLC owned about 0.10% of Primoris Services worth $6,871,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. SBI Securities Co. Ltd. boosted its holdings in shares of Primoris Services by 224.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the company’s stock valued at $29,000 after acquiring an additional 148 shares during the last quarter. Harbour Investments Inc. purchased a new position in shares of Primoris Services during the fourth quarter worth $33,000. Osterweis Capital Management Inc. acquired a new position in Primoris Services during the second quarter valued at $34,000. Cullen Frost Bankers Inc. lifted its position in Primoris Services by 30.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock valued at $43,000 after purchasing an additional 81 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock valued at $43,000 after purchasing an additional 194 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Price Performance

Shares of NYSE PRIM opened at $93.87 on Thursday. The firm has a market cap of $5.09 billion, a PE ratio of 20.68 and a beta of 1.36. The firm has a fifty day moving average of $138.54 and a 200 day moving average of $139.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28. Primoris Services Corporation has a one year low of $71.84 and a one year high of $205.50.

Primoris Services (NYSE:PRIM) last posted 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 company 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 was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, research analysts predict that Primoris Services Corporation will post 4.55 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. Primoris Services’s dividend payout ratio (DPR) is currently 7.05%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wall Street Zen downgraded Primoris Services from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Cantor Fitzgerald reissued a “neutral” rating on shares of Primoris Services in a report on Tuesday. Mizuho upgraded Primoris Services from a “neutral” rating to an “outperform” rating and lowered their target price for the stock from $175.00 to $135.00 in a research note on Monday, May 11th. DA Davidson set a $180.00 target price on Primoris Services in a report on Wednesday, February 25th. Finally, Wolfe Research assumed coverage on Primoris Services in a report on Thursday, April 9th. They issued an “outperform” rating and a $183.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and an average target price of $156.20.

Insider Transactions at Primoris Services

In related news, insider John M. Perisich sold 29,707 shares of Primoris Services stock in a transaction dated Thursday, May 28th. The stock was 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 in the company, valued at approximately $3,525,611.64. The trade was a 51.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David Lee King sold 20,000 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 14,941 shares of the company’s stock, valued at approximately $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.10% of the company’s stock.

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.