Cookson Peirce & Co. Inc. Makes New Investment in Primoris Services Corporation $PRIM

Key Points

• Cookson Peirce & Co. Inc. opened a new position in Primoris Services, buying 66,567 shares valued at about $8.26 million in the fourth quarter. Institutional investors now own about 91.82% of the stock.
• Several insiders sold shares recently, including Director David Lee King and insider John M. Perisich, both of whom reduced their holdings by more than 50%.
• Primoris Services reported mixed quarterly results, with EPS of $0.59 and revenue of $1.56 billion both missing estimates, while analysts still maintain a Moderate Buy consensus with an average target price of $156.20.

Cookson Peirce & Co. Inc. bought a new position in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 66,567 shares of the company's stock, valued at approximately $8,264,000. Cookson Peirce & Co. Inc. owned about 0.12% of Primoris Services at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its stake in shares of Primoris Services by 34.5% in the 1st 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. lifted its stake in shares of Primoris Services by 7.4% in the 1st 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 1st quarter valued at $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 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 purchasing an additional 33,818 shares during the period. Finally, M&T Bank Corp acquired a new stake in Primoris Services in the second quarter valued at $274,000. 91.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director David Lee King sold 20,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total value of $2,381,800.00. Following the sale, the director 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 SEC, which can be accessed through this hyperlink. Also, insider John M. Perisich sold 29,707 shares of Primoris Services stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the completion of the sale, the insider directly owned 27,574 shares in the company, valued at $3,525,611.64. This trade represents a 51.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.10% of the company's stock.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $122.21 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 business has a 50-day moving average price of $140.49 and a two-hundred day moving average price of $139.81. Primoris Services Corporation has a 1-year low of $70.68 and a 1-year high of $205.50. The company has a market cap of $6.63 billion, a P/E ratio of 26.92 and a beta of 1.36.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its 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 net margin of 3.31% and a return on equity of 16.48%. The firm had revenue of $1.56 billion during 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. The business's quarterly revenue was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, analysts anticipate that Primoris Services Corporation will post 4.55 EPS for the current year.

Primoris Services Dividend Announcement

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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Primoris Services's payout ratio is 7.05%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. DA Davidson set a $180.00 price objective on Primoris Services in a report on Wednesday, February 25th. JPMorgan Chase & Co. increased their price objective on Primoris Services from $165.00 to $171.00 and gave the company a "neutral" rating in a report on Wednesday, April 1st. UBS Group decreased their price objective on Primoris Services from $212.00 to $186.00 and set a "buy" rating for the company in a report on Monday, May 11th. Mizuho upgraded Primoris Services from a "neutral" rating to an "outperform" rating and decreased their price objective for the company from $175.00 to $135.00 in a report on Monday, May 11th. Finally, Guggenheim increased their price objective on Primoris Services from $184.00 to $195.00 and gave the company a "buy" rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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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