M&T Bank Corp Increases Stake in Primoris Services Corporation $PRIM

Key Points

• M&T Bank Corp raised its stake in Primoris Services by 339.7%, adding 8,706 shares in Q4 to hold 11,269 shares worth about $1.399 million.
• Institutional ownership is very high at 91.82%, with major funds such as American Century, Wellington, Mackenzie and Massachusetts Financial Services substantially increasing their positions recently.
• Primoris beat Q results (EPS $1.08 vs. $0.95 consensus) with revenue up 6.7% y/y and set FY2026 guidance of 5.80–6.00 EPS; the stock trades near $166 with a $9.0B market cap and an average analyst rating of "Moderate Buy" (target $157).

M&T Bank Corp raised its holdings in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 339.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,269 shares of the company's stock after buying an additional 8,706 shares during the period. M&T Bank Corp's holdings in Primoris Services were worth $1,399,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRIM. American Century Companies Inc. increased its stake in shares of Primoris Services by 69.6% in the third quarter. American Century Companies Inc. now owns 1,019,856 shares of the company's stock worth $140,057,000 after purchasing an additional 418,374 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Primoris Services by 136.0% in the third quarter. Wellington Management Group LLP now owns 663,985 shares of the company's stock worth $91,185,000 after purchasing an additional 382,597 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of Primoris Services in the third quarter worth $50,071,000. Mackenzie Financial Corp increased its stake in shares of Primoris Services by 1,093.2% in the third quarter. Mackenzie Financial Corp now owns 380,340 shares of the company's stock worth $52,232,000 after purchasing an additional 348,465 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Primoris Services by 2,338.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company's stock worth $39,033,000 after purchasing an additional 301,532 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of NYSE:PRIM opened at $166.01 on Thursday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.24. The stock's fifty day moving average is $151.82. Primoris Services Corporation has a fifty-two week low of $58.13 and a fifty-two week high of $176.68. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of 33.00 and a beta of 1.38.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its earnings results on Monday, February 23rd. The company reported $1.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.13. Primoris Services had a net margin of 3.63% and a return on equity of 18.67%. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the prior year, the business earned $1.13 earnings per share. Primoris Services's revenue for the quarter was up 6.7% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS. As a group, research analysts predict that Primoris Services Corporation will post 5.73 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a dividend of $0.08 per share. The ex-dividend date was Tuesday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. Primoris Services's dividend payout ratio is currently 6.36%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $117.00 to $133.00 and gave the stock a "sell" rating in a research note on Wednesday, January 28th. UBS Group increased their price objective on shares of Primoris Services from $165.00 to $176.00 and gave the stock a "buy" rating in a research note on Wednesday, February 25th. Weiss Ratings reissued a "buy (b)" rating on shares of Primoris Services in a research note on Tuesday, January 20th. 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 objective for the company. Finally, Guggenheim increased their price objective on shares of Primoris Services from $184.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $157.00.

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.

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.