Principal Financial Group Inc. Grows Position in Primoris Services Corporation $PRIM

Principal Financial Group Inc. boosted its position in Primoris Services Corporation (NYSE:PRIM) by 2.0% during the 1st quarter, Holdings Channel reports. The fund owned 343,443 shares of the company’s stock after acquiring an additional 6,730 shares during the quarter. Principal Financial Group Inc.’s holdings in Primoris Services were worth $49,126,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in 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 acquiring an additional 1,082,218 shares in the last quarter. Norges Bank acquired a new stake in shares of Primoris Services in the 4th quarter valued at $103,368,000. State Street Corp raised its holdings in shares of Primoris Services by 56.8% in the 4th quarter. State Street Corp now owns 2,011,488 shares of the company’s stock valued at $249,866,000 after purchasing an additional 728,646 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Primoris Services by 7.8% during the 4th quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock worth $804,361,000 after purchasing an additional 466,192 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Primoris Services by 2,338.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company’s stock worth $39,033,000 after purchasing an additional 301,532 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of analyst reports. Mizuho lowered their target price on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. Weiss Ratings downgraded Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. KeyCorp reaffirmed a “sector weight” rating on shares of Primoris Services in a research report on Tuesday, June 23rd. Wolfe Research reaffirmed an “outperform” rating and set a $149.00 price objective on shares of Primoris Services in a research report on Monday, June 15th. Finally, Wall Street Zen downgraded Primoris Services from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.13.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 20,000 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 14,941 shares of the company’s stock, valued at approximately $1,779,323.69. The trade was a 57.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John M. Perisich sold 29,707 shares of the company’s stock in a transaction dated 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 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 currently owned by insiders.

Primoris Services Trading Down 2.2%

Shares of Primoris Services stock opened at $86.10 on Friday. 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 company has a fifty day simple moving average of $104.26 and a 200-day simple moving average of $133.23. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 18.96 and a beta of 1.41. Primoris Services Corporation has a 12-month low of $65.00 and a 12-month high of $205.50.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. Primoris Services’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. On average, equities analysts forecast that Primoris Services Corporation will post 1.88 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.08 per share. The ex-dividend date was Tuesday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Primoris Services’s payout ratio is 7.05%.

Primoris Services Company 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.