Legal & General Group Plc Grows Position in Primoris Services Corporation $PRIM

Key Points

• Legal & General Group Plc increased its Primoris Services stake by 118.2% in the fourth quarter, bringing its holdings to 146,972 shares worth about $18.3 million.
• Several analysts remain positive on PRIM, with a consensus rating of Moderate Buy and an average price target of $156.20, despite some recent target cuts.
• Primoris Services reported weak quarterly results, missing EPS and revenue estimates, and its stock was trading down, while insiders also sold shares recently; the company still announced a quarterly dividend of $0.08 per share.

Legal & General Group Plc boosted its stake in Primoris Services Corporation (NYSE:PRIM - Free Report) by 118.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 146,972 shares of the company's stock after buying an additional 79,621 shares during the quarter. Legal & General Group Plc owned approximately 0.27% of Primoris Services worth $18,272,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PRIM. Vanguard Group Inc. increased its position in shares of Primoris Services by 7.8% during the 4th quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company's stock valued at $804,361,000 after purchasing an additional 466,192 shares during the last quarter. State Street Corp increased its position in shares of Primoris Services by 2.6% during 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 during the last quarter. American Century Companies Inc. increased its position in shares of Primoris Services by 69.6% during the 3rd quarter. American Century Companies Inc. now owns 1,019,856 shares of the company's stock valued at $140,057,000 after purchasing an additional 418,374 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of Primoris Services by 44.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 947,308 shares of the company's stock valued at $130,094,000 after purchasing an additional 293,085 shares during the last quarter. Finally, Congress Asset Management Co. increased its position in shares of Primoris Services by 2.4% during the 4th quarter. Congress Asset Management Co. now owns 815,270 shares of the company's stock valued at $101,208,000 after purchasing an additional 19,034 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRIM. DA Davidson set a $180.00 target price on Primoris Services in a research report on Wednesday, February 25th. JPMorgan Chase & Co. raised their target price on Primoris Services from $165.00 to $171.00 and gave the company a "neutral" rating in a research report on Wednesday, April 1st. UBS Group decreased their target price on Primoris Services from $212.00 to $186.00 and set a "buy" rating for the company in a research report on Monday, May 11th. Wells Fargo & Company decreased their target price on Primoris Services from $168.00 to $118.00 and set an "equal weight" rating for the company in a research report on Friday, May 8th. Finally, Wall Street Zen lowered Primoris Services from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $156.20.

Insider Activity

In other Primoris Services news, 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 value of $3,798,337.02. Following the completion of the transaction, the insider owned 27,574 shares in the company, valued at $3,525,611.64. This trade represents a 51.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Lee King sold 20,000 shares of Primoris Services stock in a transaction dated 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. This trade represents a 57.24% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by company insiders.

Primoris Services Trading Down 3.6%

Shares of PRIM opened at $121.22 on Tuesday. The business has a 50-day moving average of $142.06 and a 200 day moving average of $139.79. Primoris Services Corporation has a fifty-two week low of $70.68 and a fifty-two week high of $205.50. The firm has a market cap of $6.58 billion, a P/E ratio of 26.70 and a beta of 1.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28.

Primoris Services (NYSE:PRIM - Get Free Report) last announced its quarterly earnings data 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). 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 during the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the business posted $0.98 EPS. The company's 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. As a group, research analysts forecast that Primoris Services Corporation will post 4.55 EPS for the current year.

Primoris Services Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is currently 7.05%.

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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