Los Angeles Capital Management LLC Sells 8,164 Shares of Primoris Services Corporation $PRIM

Key Points

• Los Angeles Capital Management trimmed its Primoris Services stake by 19.2% in the fourth quarter, selling 8,164 shares and leaving it with 34,463 shares valued at about $4.28 million.
• Other big institutional investors remain heavily involved, including a new position from Norges Bank and larger stakes from Vanguard, American Century, Wellington, and Mackenzie; institutions and hedge funds now own 91.82% of the company.
• Primoris Services has seen mixed sentiment and recent insider selling: several analysts downgraded the stock, while insiders John M. Perisich and David Lee King sold large blocks of shares in late May.

Los Angeles Capital Management LLC decreased its position in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 19.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,463 shares of the company's stock after selling 8,164 shares during the quarter. Los Angeles Capital Management LLC owned 0.06% of Primoris Services worth $4,278,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of PRIM. Norges Bank acquired a new position in Primoris Services during the fourth quarter worth about $103,368,000. Vanguard Group Inc. raised its stake in Primoris Services by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company's stock worth $804,361,000 after acquiring an additional 466,192 shares in the last quarter. American Century Companies Inc. raised its stake in Primoris Services by 69.6% during the third quarter. American Century Companies Inc. now owns 1,019,856 shares of the company's stock worth $140,057,000 after acquiring an additional 418,374 shares in the last quarter. Wellington Management Group LLP raised its stake in Primoris Services by 136.0% during the third quarter. Wellington Management Group LLP now owns 663,985 shares of the company's stock worth $91,185,000 after acquiring an additional 382,597 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in Primoris Services by 1,093.2% during the third quarter. Mackenzie Financial Corp now owns 380,340 shares of the company's stock worth $52,232,000 after acquiring an additional 348,465 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on PRIM. Zacks Research downgraded Primoris Services from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. Cantor Fitzgerald boosted their target price on Primoris Services from $113.00 to $124.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 19th. Weiss Ratings downgraded Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 28th. Mizuho raised Primoris Services from a "neutral" rating to an "outperform" rating and lowered their target price for the stock from $175.00 to $135.00 in a research note on Monday, May 11th. Finally, Wall Street Zen downgraded Primoris Services from a "buy" rating to a "hold" rating in a research note on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Primoris Services presently has an average rating of "Moderate Buy" and an average target price of $156.20.

Insider Buying and Selling

In other Primoris Services news, 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 transaction of $3,798,337.02. Following the transaction, the insider directly owned 27,574 shares in the company, valued at approximately $3,525,611.64. This represents a 51.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $2,381,800.00. Following the transaction, the director owned 14,941 shares in the company, valued at $1,779,323.69. The trade was a 57.24% decrease in their ownership of the stock. 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

Shares of PRIM stock opened at $123.33 on Tuesday. The business's 50 day simple moving average is $140.15 and its 200 day simple moving average is $140.00. Primoris Services Corporation has a one year low of $70.68 and a one year high of $205.50. The stock has a market capitalization of $6.69 billion, a PE ratio of 27.16 and a beta of 1.37. 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 announced its earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.28). Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the company earned $0.98 earnings per share. The business's revenue was down 5.4% on a year-over-year basis. 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 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 issued 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 is Tuesday, June 30th. Primoris Services's dividend payout ratio is presently 7.05%.

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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