Globeflex Capital L P Acquires 8,978 Shares of Primoris Services Corporation $PRIM

Globeflex Capital L P boosted its holdings in shares of Primoris Services Corporation (NYSE:PRIM) by 23.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,018 shares of the company’s stock after purchasing an additional 8,978 shares during the period. Globeflex Capital L P’s holdings in Primoris Services were worth $5,837,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised 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 valued at $43,000 after acquiring an additional 194 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Primoris Services by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the company’s stock valued at $28,337,000 after acquiring an additional 33,934 shares during the last quarter. Caxton Associates LLP bought a new position in shares of Primoris Services in the first quarter valued at approximately $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Primoris Services by 25.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the company’s stock valued at $9,650,000 after acquiring an additional 33,818 shares during the last quarter. Finally, M&T Bank Corp bought a new position in shares of Primoris Services in the second quarter valued at approximately $274,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $127.54 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a market cap of $6.92 billion, a P/E ratio of 28.09 and a beta of 1.36. The firm has a 50 day simple moving average of $141.03 and a 200 day simple moving average of $139.93. Primoris Services Corporation has a fifty-two week low of $70.68 and a fifty-two week high of $205.50.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.98 EPS. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Sell-side analysts predict that Primoris Services Corporation will post 4.55 earnings per share 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 issued 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 dividend yield of 0.3%. Primoris Services’s dividend payout ratio (DPR) is currently 7.05%.

Insider Buying and Selling

In related news, insider John M. Perisich sold 29,707 shares of the firm’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 sale, the insider owned 27,574 shares of the company’s stock, valued at $3,525,611.64. This trade represents a 51.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David Lee King sold 20,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,779,323.69. This represents a 57.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

PRIM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $165.00 to $171.00 and gave the company a “neutral” rating in a research note on Wednesday, April 1st. Wall Street Zen cut shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Wolfe Research initiated coverage on shares of Primoris Services in a research note on Thursday, April 9th. They issued an “outperform” rating and a $183.00 target price for the company. Cantor Fitzgerald lifted their target price on shares of Primoris Services from $113.00 to $124.00 and gave the company a “neutral” rating in a research note on Tuesday, May 19th. 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 research 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 company’s stock. According to MarketBeat.com, Primoris Services currently has a consensus rating of “Moderate Buy” and a consensus 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.