Connor Clark & Lunn Investment Management Ltd. Takes $2.92 Million Position in Primoris Services Corporation $PRIM

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Primoris Services Corporation (NYSE:PRIM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 29,504 shares of the company's stock, valued at approximately $2,924,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.05% of Primoris Services at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. New York State Teachers Retirement System boosted its position in shares of Primoris Services by 327.8% during the 4th quarter. New York State Teachers Retirement System now owns 20,892 shares of the company's stock valued at $2,594,000 after acquiring an additional 16,008 shares during the last quarter. Principal Financial Group Inc. increased its position in Primoris Services by 509.6% during the fourth quarter. Principal Financial Group Inc. now owns 336,713 shares of the company's stock worth $41,800,000 after purchasing an additional 281,482 shares during the last quarter. UBS Group AG raised its stake in Primoris Services by 2.4% during the fourth quarter. UBS Group AG now owns 638,876 shares of the company's stock worth $79,310,000 after purchasing an additional 15,112 shares during the period. Total Wealth Planning & Management Inc. acquired a new position in Primoris Services in the 4th quarter valued at about $1,116,000. Finally, Bank of America Corp DE boosted its holdings in Primoris Services by 4.4% in the 1st quarter. Bank of America Corp DE now owns 324,887 shares of the company's stock valued at $46,472,000 after purchasing an additional 13,617 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Key Stories Impacting Primoris Services

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

• Positive Sentiment: Brokerages maintain an overall “Moderate Buy” rating for Primoris, suggesting analysts remain broadly constructive despite the recent legal overhang. Primoris Services Corporation Receives Average Recommendation of Moderate Buy from Brokerages
• Neutral Sentiment: Multiple law firms reminded investors that September 21, 2026, is the deadline to seek appointment as lead plaintiff in a securities class action covering purchases of PRIM shares from August 5, 2025, through June 22, 2026. These announcements primarily solicit potential plaintiffs and do not establish liability. Kaplan Fox Securities Class Action Deadline Notice
• Negative Sentiment: The litigation-related notices allege that Primoris and certain executives made misleading statements or failed to disclose problems involving six renewable-energy projects, including cost overruns and delays. If the case advances, potential financial costs, reputational damage and increased scrutiny could weigh on investor sentiment. SueWallSt Primoris Class Action Notice
• Negative Sentiment: The unusually high number of competing law-firm announcements from August 27–28 keeps the lawsuit in the news and may amplify concerns about Primoris’ project execution, earnings visibility and possible legal exposure. Bragar Eagel and Squire Primoris Investor Notice

Wall Street Analyst Weigh In

PRIM has been the subject of a number of recent analyst reports. Wolfe Research restated an "outperform" rating and set a $149.00 price target on shares of Primoris Services in a report on Monday, June 15th. Mizuho lowered their price objective on Primoris Services from $135.00 to $117.00 and set an "outperform" rating for the company in a research report on Tuesday, June 23rd. Needham & Company LLC cut their target price on Primoris Services from $188.00 to $172.00 and set a "buy" rating for the company in a research note on Monday, July 13th. The Goldman Sachs Group raised Primoris Services from a "sell" rating to a "neutral" rating and cut their target price for the stock from $107.00 to $102.00 in a research note on Thursday, June 25th. Finally, Wall Street Zen lowered Primoris Services from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $132.27.

Primoris Services Stock Down 5.2%

Shares of NYSE PRIM opened at $73.02 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The business's 50 day moving average is $85.66 and its two-hundred day moving average is $120.79. Primoris Services Corporation has a 52-week low of $65.00 and a 52-week high of $205.50. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of 28.64 and a beta of 1.43.

Primoris Services (NYSE:PRIM - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.08. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The company's quarterly revenue was down 10.7% on a year-over-year basis. During the same period last year, the business posted $1.68 earnings per share. Research analysts predict that Primoris Services Corporation will post 1.76 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, September 30th. Primoris Services's payout ratio is currently 12.55%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source