Primoris Services (NYSE:PRIM) Hits New 52-Week Low Following Analyst Downgrade

Primoris Services Corporation (NYSE:PRIM)’s share price hit a new 52-week low during trading on Tuesday after Mizuho lowered their price target on the stock from $135.00 to $117.00. Mizuho currently has an outperform rating on the stock. Primoris Services traded as low as $68.89 and last traded at $66.4780, with a volume of 232308 shares trading hands. The stock had previously closed at $108.34.

Several other equities analysts have also recently weighed in on the stock. Wolfe Research reaffirmed an “outperform” rating and issued a $149.00 price target on shares of Primoris Services in a research report on Monday, June 15th. Needham & Company LLC lowered their price objective on Primoris Services from $205.00 to $188.00 and set a “buy” rating for the company in a research note on Friday, May 8th. DA Davidson set a $180.00 target price on Primoris Services in a report on Wednesday, February 25th. Cantor Fitzgerald restated a “neutral” rating on shares of Primoris Services in a report on Tuesday, June 9th. Finally, Guggenheim reaffirmed a “buy” rating and set a $162.00 target price on shares of Primoris Services in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.33.

Insider Activity

In other news, 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 transaction, the director owned 14,941 shares in the company, valued at $1,779,323.69. The trade was a 57.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John M. Perisich sold 29,707 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 27,574 shares of the company’s stock, valued at approximately $3,525,611.64. This represents a 51.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.10% of the stock is currently owned by insiders.

Key Headlines Impacting Primoris Services

Here are the key news stories impacting Primoris Services this week:

• Negative Sentiment: Primoris warned that its renewables projects are facing additional challenges and cost overruns, prompting another major selloff as investors reassess the company’s near-term earnings power and project profitability. Article Title
• Negative Sentiment: The company reduced FY 2026 EPS guidance to $2.05-$2.60, signaling weaker expected profitability than previously believed and raising concerns that earlier targets were too optimistic.
• Negative Sentiment: Multiple law firms have launched securities-fraud investigations into Primoris after its guidance cut and disclosure of project issues, which could create additional legal and reputational overhang for the stock. Article Title
• Negative Sentiment: Analysts have turned more cautious, with Wells Fargo cutting its price target to $85 and others pointing to the forecast reset as a sign that Primoris is becoming harder to justify on prior assumptions.
• Neutral Sentiment: Primoris also presented at the J.P. Morgan Natural Resources Conference, but that event appears secondary to the much more material guidance cut and renewables-related disruptions.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in shares of Primoris Services by 163.0% during the 4th quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company’s stock worth $216,774,000 after purchasing an additional 1,082,218 shares during the period. First Trust Advisors LP increased its holdings in Primoris Services by 47.4% during the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock worth $412,837,000 after buying an additional 928,155 shares during the last quarter. Norges Bank purchased a new stake in Primoris Services during the fourth quarter worth about $103,368,000. State Street Corp raised its position in Primoris Services by 56.8% in the fourth quarter. State Street Corp now owns 2,011,488 shares of the company’s stock worth $249,866,000 after acquiring an additional 728,646 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Primoris Services by 7.8% in the fourth 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. Institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 8.7%

The stock’s 50 day simple moving average is $127.66 and its two-hundred day simple moving average is $137.91. The stock has a market capitalization of $5.01 billion, a PE ratio of 20.34 and a beta of 1.36. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 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 company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the firm posted $0.98 EPS. The company’s revenue for the quarter 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. On average, sell-side analysts expect 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 paid a $0.08 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services’s payout ratio is presently 7.05%.

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.