Incline Global Management LLC Buys New Position in Primoris Services Corporation $PRIM

Key Points

• Incline Global Management opened a new position in Primoris Services, buying 117,162 shares valued at about $14.5 million. The stake makes PRIM its 5th-largest holding and about 5% of its portfolio.
• Several other institutional investors also increased exposure, and 91.82% of the stock is held by institutions and hedge funds. At the same time, two insiders recently sold shares, including Director David Lee King and insider John M. Perisich.
• Primoris Services reported mixed quarterly results, with EPS of $0.59 missing estimates and revenue of $1.56 billion below expectations. Shares opened at $101.57, and the company also announced a quarterly dividend of $0.08 per share.

Incline Global Management LLC bought a new stake in Primoris Services Corporation (NYSE:PRIM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 117,162 shares of the company's stock, valued at approximately $14,544,000. Primoris Services accounts for about 5.0% of Incline Global Management LLC's investment portfolio, making the stock its 5th biggest position. Incline Global Management LLC owned approximately 0.22% of Primoris Services at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. GSA Capital Partners LLP acquired a new stake in shares of Primoris Services in the 3rd quarter valued at about $1,726,000. Nordea Investment Management AB acquired a new stake in shares of Primoris Services in the 4th quarter valued at about $7,181,000. New York State Teachers Retirement System boosted its position in shares of Primoris Services by 327.8% in 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 purchasing an additional 16,008 shares during the period. Principal Financial Group Inc. boosted its position in shares of Primoris Services by 509.6% in the 4th quarter. Principal Financial Group Inc. now owns 336,713 shares of the company's stock valued at $41,800,000 after purchasing an additional 281,482 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Primoris Services by 2,338.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company's stock valued at $39,033,000 after purchasing an additional 301,532 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PRIM shares. Needham & Company LLC decreased their target price on Primoris Services from $205.00 to $188.00 and set a "buy" rating for the company in a research report on Friday, May 8th. DA Davidson set a $180.00 target price on Primoris Services in a research report on Wednesday, February 25th. KeyCorp decreased their target price on Primoris Services from $179.00 to $137.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Cantor Fitzgerald reissued a "neutral" rating on shares of Primoris Services in a research report on Tuesday, June 9th. Finally, Weiss Ratings downgraded Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $153.93.

Insider Buying and Selling

In other news, Director David Lee King sold 20,000 shares of the 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 completion of 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John M. Perisich sold 29,707 shares of the 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 of the company's stock, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.10% of the company's stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $101.57 on Thursday. The company has a market cap of $5.51 billion, a price-to-earnings ratio of 22.37 and a beta of 1.36. The stock has a 50 day simple moving average of $133.77 and a 200-day simple moving average of $138.87. Primoris Services Corporation has a 12-month low of $73.62 and a 12-month high of $205.50. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24.

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

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.08 per share. 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 dividend payout ratio is 7.05%.

Primoris Services Company 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.

Want to see what other hedge funds are holding PRIM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primoris Services Corporation (NYSE:PRIM - Free Report).

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.