Primoris Services Corporation $PRIM Shares Purchased by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund boosted its stake in Primoris Services by 403.4% in the first quarter, holding 48,384 shares worth about $6.9 million after the purchase.
• Primoris Services reported weaker-than-expected quarterly results, with EPS of $0.59 versus estimates of $0.87 and revenue of $1.56 billion versus expectations of $1.73 billion.
• Analysts remain generally positive overall, with a Moderate Buy consensus and a target price of $142.13, even as some firms trimmed targets or downgraded the stock.

Illinois Municipal Retirement Fund lifted its position in Primoris Services Corporation (NYSE:PRIM - Free Report) by 403.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,384 shares of the company's stock after purchasing an additional 38,772 shares during the period. Illinois Municipal Retirement Fund owned about 0.09% of Primoris Services worth $6,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in PRIM. Wellington Management Group LLP raised its position in shares of Primoris Services by 163.0% in the fourth quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company's stock worth $216,774,000 after acquiring an additional 1,082,218 shares during the period. Norges Bank acquired a new stake in shares of Primoris Services during the 4th quarter valued at about $103,368,000. State Street Corp grew its position in shares of Primoris Services by 56.8% during the 4th quarter. State Street Corp now owns 2,011,488 shares of the company's stock valued at $249,866,000 after acquiring an additional 728,646 shares during the period. Vanguard Group Inc. increased its stake in shares of Primoris Services by 7.8% in 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 in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake 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 in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Stock Down 2.2%

PRIM opened at $86.10 on Friday. The company has a market cap of $4.67 billion, a PE ratio of 18.96 and a beta of 1.41. Primoris Services Corporation has a twelve month low of $65.00 and a twelve month high of $205.50. The company has a 50-day moving average price of $104.26 and a 200 day moving average price of $133.23. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) 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 analyst estimates of $1.73 billion. During the same quarter in the previous year, the firm posted $0.98 earnings per share. The company's quarterly 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. Sell-side analysts expect that Primoris Services Corporation will post 1.88 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Primoris Services's payout ratio is currently 7.05%.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of recent analyst reports. Mizuho lowered their price target on Primoris Services from $135.00 to $117.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 23rd. Guggenheim restated a "buy" rating and issued a $162.00 price objective on shares of Primoris Services in a research report on Tuesday, June 23rd. Weiss Ratings downgraded Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, May 28th. Zacks Research downgraded Primoris Services from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. Finally, JPMorgan Chase & Co. upgraded Primoris Services from a "neutral" rating to an "overweight" rating and increased their target price for the company from $105.00 to $116.00 in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and a consensus target price of $142.13.

Insider Buying and Selling

In other Primoris Services news, insider John M. Perisich sold 29,707 shares of the firm's stock in a transaction 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 owned 27,574 shares in the company, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David Lee King sold 20,000 shares of the firm's stock in a transaction on 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 completion of 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 1.10% of the company's stock.

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.

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.