Clearbridge Investments LLC Has $8.98 Million Stock Holdings in Primoris Services Corporation $PRIM

Key Points

• Clearbridge Investments cut its Primoris Services stake by 21.7% in the fourth quarter, selling 20,052 shares and leaving it with 72,355 shares worth about $8.98 million.
• Insiders also sold shares: Director David Lee King and insider John M. Perisich both reduced their holdings in late May through sizable open-market sales.
• Primoris Services reported weaker-than-expected quarterly results, with EPS of $0.59 versus $0.87 expected and revenue of $1.56 billion versus $1.73 billion expected, while analysts still keep a Moderate Buy consensus and average price target of $156.20.

Clearbridge Investments LLC decreased its stake in Primoris Services Corporation (NYSE:PRIM - Free Report) by 21.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,355 shares of the company's stock after selling 20,052 shares during the period. Clearbridge Investments LLC owned 0.13% of Primoris Services worth $8,982,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Cookson Peirce & Co. Inc. acquired a new stake in shares of Primoris Services in the fourth quarter valued at about $8,264,000. Total Wealth Planning & Management Inc. acquired a new position in shares of Primoris Services in the 4th quarter worth approximately $1,116,000. Westfield Capital Management Co. LP lifted its position in shares of Primoris Services by 0.5% in the 4th quarter. Westfield Capital Management Co. LP now owns 952,196 shares of the company's stock worth $118,206,000 after purchasing an additional 4,888 shares during the period. Vise Technologies Inc. lifted its position in shares of Primoris Services by 26.8% in the 4th quarter. Vise Technologies Inc. now owns 3,548 shares of the company's stock worth $440,000 after purchasing an additional 750 shares during the period. Finally, Globeflex Capital L P lifted its position in shares of Primoris Services by 23.6% in the 4th quarter. Globeflex Capital L P now owns 47,018 shares of the company's stock worth $5,837,000 after purchasing an additional 8,978 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Insiders Place Their Bets

In related news, Director David Lee King sold 20,000 shares of the company'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 transaction of $2,381,800.00. Following the transaction, 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John M. Perisich sold 29,707 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 27,574 shares in the company, 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. Company insiders own 1.10% of the company's stock.

Primoris Services Price Performance

Shares of PRIM opened at $93.87 on Thursday. Primoris Services Corporation has a 52-week low of $71.84 and a 52-week high of $205.50. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28. The business's 50 day moving average price is $138.54 and its two-hundred day moving average price is $139.71. The firm has a market cap of $5.09 billion, a PE ratio of 20.68 and a beta of 1.36.

Primoris Services (NYSE:PRIM - Get Free Report) 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). The company had revenue of $1.56 billion during 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 company's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. On average, equities analysts anticipate that Primoris Services Corporation will post 4.55 EPS for the current year.

Primoris Services Announces Dividend

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

Wall Street Analyst Weigh In

PRIM has been the topic of a number of recent analyst reports. UBS Group dropped their price target on shares of Primoris Services from $212.00 to $186.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Wolfe Research started coverage on Primoris Services in a report on Thursday, April 9th. They set an "outperform" rating and a $183.00 price target for the company. Guggenheim increased their price target on Primoris Services from $184.00 to $195.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Mizuho upgraded Primoris Services from a "neutral" rating to an "outperform" rating and decreased their price target for the stock from $175.00 to $135.00 in a report on Monday, May 11th. Finally, Wells Fargo & Company decreased their price target on Primoris Services from $168.00 to $118.00 and set an "equal weight" rating for the company in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $156.20.

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.

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