Geode Capital Management LLC Acquires 42,052 Shares of Primoris Services Corporation $PRIM

Geode Capital Management LLC grew its holdings in Primoris Services Corporation (NYSE:PRIM) by 3.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,325,103 shares of the company’s stock after purchasing an additional 42,052 shares during the quarter. Geode Capital Management LLC’s holdings in Primoris Services were worth $164,526,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. grew its position in Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the company’s stock worth $29,000 after acquiring an additional 148 shares in the last quarter. Harbour Investments Inc. bought a new stake in Primoris Services in the fourth quarter worth approximately $33,000. Osterweis Capital Management Inc. bought a new stake in Primoris Services during the second quarter worth approximately $34,000. Cullen Frost Bankers Inc. lifted its stake in shares of Primoris Services by 30.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock worth $43,000 after buying an additional 81 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock worth $43,000 after buying an additional 194 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price objective on shares of Primoris Services from $168.00 to $118.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Zacks Research cut shares of Primoris Services from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. DA Davidson set a $180.00 price objective on shares of Primoris Services in a research note on Wednesday, February 25th. KeyCorp reduced their price objective on shares of Primoris Services from $179.00 to $137.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Finally, Weiss Ratings cut shares of Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $156.20.

Insider Buying and Selling at Primoris Services

In related 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John M. Perisich sold 29,707 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider directly owned 27,574 shares of the company’s stock, 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. 1.10% of the stock is owned by company insiders.

Primoris Services Stock Up 1.6%

PRIM opened at $126.33 on Thursday. Primoris Services Corporation has a 1-year low of $70.68 and a 1-year high of $205.50. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of 27.82 and a beta of 1.36. The business has a 50 day moving average of $141.43 and a 200-day moving average of $139.87.

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 the consensus estimate of $0.87 by ($0.28). Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the company posted $0.98 earnings per share. The firm’s 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, sell-side analysts anticipate that Primoris Services Corporation will post 4.55 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Primoris Services’s dividend payout ratio 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.