Globeflex Capital L P Has $5.84 Million Position in Primoris Services Corporation $PRIM

Key Points

• Globeflex Capital L P increased its Primoris Services stake by 23.6% in the fourth quarter, ending with 47,018 shares valued at about $5.84 million.
• Wall Street sentiment is mixed: the stock has a Moderate Buy consensus rating with an average target price of $156.20, though some firms recently cut targets and Weiss Ratings downgraded the stock to hold.
• Primoris Services reported weaker-than-expected Q1 results, missing EPS and revenue estimates, while insiders also sold shares; the company still declared a quarterly dividend of $0.08 per share.

Globeflex Capital L P grew its holdings in Primoris Services Corporation (NYSE:PRIM - Free Report) by 23.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 47,018 shares of the company's stock after purchasing an additional 8,978 shares during the quarter. Globeflex Capital L P owned about 0.09% of Primoris Services worth $5,837,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cullen Frost Bankers Inc. grew its position in shares of Primoris Services by 30.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company's stock valued at $43,000 after purchasing an additional 81 shares during the last quarter. Assetmark Inc. grew its position in shares of Primoris Services by 9.7% in the third quarter. Assetmark Inc. now owns 953 shares of the company's stock valued at $131,000 after purchasing an additional 84 shares during the last quarter. Covestor Ltd grew its position in shares of Primoris Services by 13.4% in the fourth quarter. Covestor Ltd now owns 719 shares of the company's stock valued at $89,000 after purchasing an additional 85 shares during the last quarter. CWM LLC grew its position in shares of Primoris Services by 1.1% in the fourth quarter. CWM LLC now owns 8,970 shares of the company's stock valued at $1,114,000 after purchasing an additional 96 shares during the last quarter. Finally, IFP Advisors Inc grew its position in shares of Primoris Services by 18.6% in the fourth quarter. IFP Advisors Inc now owns 626 shares of the company's stock valued at $78,000 after purchasing an additional 98 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PRIM. Cantor Fitzgerald raised their price target on Primoris Services from $113.00 to $124.00 and gave the company a "neutral" rating in a research report on Tuesday, May 19th. Wells Fargo & Company lowered their price target on Primoris Services from $168.00 to $118.00 and set an "equal weight" rating on the stock in a research report on Friday, May 8th. DA Davidson set a $180.00 target price on shares of Primoris Services in a research note on Wednesday, February 25th. Weiss Ratings downgraded Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 28th. Finally, Needham & Company LLC decreased their target price on Primoris Services from $205.00 to $188.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. One investment 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 company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $156.20.

Primoris Services Stock Up 1.0%

PRIM stock opened at $127.54 on Friday. Primoris Services Corporation has a twelve month low of $70.68 and a twelve month high of $205.50. The company has a market cap of $6.92 billion, a PE ratio of 28.09 and a beta of 1.36. The business's 50-day simple moving average is $141.03 and its 200 day simple moving average is $139.93. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM - Get Free Report) last released its 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). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the business earned $0.98 earnings per share. The firm's quarterly 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, research analysts anticipate that Primoris Services Corporation will post 4.55 earnings per share for the current year.

Primoris Services Dividend Announcement

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

Insider Transactions at Primoris Services

In other Primoris Services news, Director David Lee King sold 20,000 shares of the firm's stock in a transaction dated 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 transaction, the director owned 14,941 shares in the company, valued at $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John M. Perisich sold 29,707 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 27,574 shares of the company's stock, valued at approximately $3,525,611.64. This represents a 51.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.10% of the stock is owned by company insiders.

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.

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