Heartland Advisors Inc. Decreases Position in Primoris Services Corporation $PRIM

Heartland Advisors Inc. lowered its stake in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 33.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,000 shares of the company's stock after selling 30,000 shares during the quarter. Heartland Advisors Inc. owned 0.11% of Primoris Services worth $7,448,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in 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 in the last quarter. Geode Capital Management LLC raised its position in Primoris Services by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company's stock valued at $164,526,000 after purchasing an additional 42,052 shares in the last quarter. State Street Corp raised its position in Primoris Services by 2.6% in the 2nd quarter. State Street Corp now owns 1,320,947 shares of the company's stock valued at $103,058,000 after purchasing an additional 33,399 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Primoris Services by 69.6% in the 3rd quarter. American Century Companies Inc. now owns 1,019,856 shares of the company's stock valued at $140,057,000 after buying an additional 418,374 shares during the period. Finally, Westfield Capital Management Co. LP boosted its stake 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 valued at $118,206,000 after buying an additional 4,888 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Primoris Services

In related news, Director David Lee King sold 20,000 shares of the company's stock in a transaction 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 completion of the sale, the director owned 14,941 shares in the company, valued at $1,779,323.69. This represents a 57.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John M. Perisich sold 29,707 shares of the stock in a transaction 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 sale, 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 currently owned by corporate insiders.

Primoris Services Stock Performance

NYSE PRIM opened at $93.87 on Thursday. The company has a fifty day moving average of $138.54 and a two-hundred day moving average of $139.71. The company has a market capitalization of $5.09 billion, a PE ratio of 20.68 and a beta of 1.36. Primoris Services Corporation has a 1 year low of $71.84 and a 1 year high of $205.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28.

Primoris Services (NYSE:PRIM - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.28). The firm had revenue of $1.56 billion during the quarter, compared to analysts' expectations of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The firm's revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, analysts expect that Primoris Services Corporation will post 4.55 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $0.08 dividend. 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 payout ratio is currently 7.05%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wells Fargo & Company cut their target price on shares of Primoris Services from $168.00 to $118.00 and set an "equal weight" rating on the stock in a research note on Friday, May 8th. Wolfe Research assumed coverage on shares of Primoris Services in a research note on Thursday, April 9th. They issued an "outperform" rating and a $183.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $165.00 to $171.00 and gave the stock a "neutral" rating in a report on Wednesday, April 1st. Mizuho raised shares of Primoris Services from a "neutral" rating to an "outperform" rating and dropped their price objective for the company from $175.00 to $135.00 in a research report on Monday, May 11th. Finally, Cantor Fitzgerald restated a "neutral" rating on shares of Primoris Services in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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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