Legal & General Group Plc Makes New Investment in Primoris Services Corporation $PRIM

Key Points

• Legal & General Group acquired 128,698 Primoris Services shares worth approximately $12.8 million, taking a 0.24% stake. Institutional investors collectively own 91.82% of the company.
• Primoris shares opened at $72.09, well below their 12-month high of $205.50. The company reported quarterly revenue of $1.69 billion, down 10.7% year over year, although its adjusted loss of $0.27 per share beat analyst expectations.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $132.27, while the company declared a quarterly dividend of $0.08 per share. Investors are also monitoring securities-litigation allegations related to renewable-energy project estimates and oversight.

Legal & General Group Plc acquired a new position in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 128,698 shares of the company's stock, valued at approximately $12,756,000. Legal & General Group Plc owned about 0.24% of Primoris Services as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. NewEdge Advisors LLC lifted its position in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the company's stock worth $43,000 after buying an additional 194 shares during the period. Goldman Sachs Group Inc. grew its holdings in 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 buying an additional 33,934 shares during the period. Caxton Associates LLP purchased a new stake in Primoris Services in the 1st quarter valued at about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Primoris Services by 25.2% during the 1st 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 acquiring an additional 33,818 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Primoris Services during the 2nd quarter valued at about $274,000. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Down 1.4%

Shares of NYSE PRIM opened at $72.09 on Tuesday. The stock has a fifty day moving average price of $84.93 and a 200 day moving average price of $119.87. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47. Primoris Services Corporation has a 12-month low of $65.00 and a 12-month high of $205.50. The company has a market cap of $3.88 billion, a P/E ratio of 28.27 and a beta of 1.43.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping analysts' consensus estimates of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The company had revenue of $1.69 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the previous year, the firm posted $1.68 earnings per share. The firm's quarterly revenue was down 10.7% on a year-over-year basis. Research analysts anticipate that Primoris Services Corporation will post 1.76 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.4%. Primoris Services's payout ratio is 12.55%.

Primoris Services News Roundup

Here are the key news stories impacting Primoris Services this week:

• Positive Sentiment: Primoris appointed energy-industry veterans James A. Greer and Oscar K. Brown to its board, effective October 1, increasing the board to 10 directors. Their experience could strengthen strategic oversight and operational governance, although the appointments are unlikely to immediately affect earnings. Primoris Announces Board Appointments
• Neutral Sentiment: Multiple law firms reminded investors of a September 21, 2026 deadline to seek lead-plaintiff status in a securities class action covering purchases made from August 5, 2025, through June 22, 2026. These notices largely repeat previously reported litigation information rather than announce a new financial charge or settlement. Primoris Securities Lawsuit Deadline Alert
• Negative Sentiment: The lawsuit allegations focus on claims that Primoris made misleading statements or failed to disclose weaknesses involving renewable-energy project estimates, cost forecasts and project oversight. The claims have not been proven, but continued legal attention adds reputational, litigation-cost and potential liability risks, helping explain the selling pressure in PRIM. Levi and Korsinsky Primoris Lawsuit Alert

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PRIM shares. Wells Fargo & Company decreased their target price on shares of Primoris Services from $118.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 23rd. KeyCorp reaffirmed a "sector weight" rating on shares of Primoris Services in a research report on Tuesday, June 23rd. Weiss Ratings downgraded shares of Primoris Services from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Cantor Fitzgerald lifted their price target on shares of Primoris Services from $100.00 to $105.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Finally, Oppenheimer began coverage on shares of Primoris Services in a research note on Tuesday, July 7th. They set an "outperform" rating and a $135.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $132.27.

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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