Primoris Services Corporation $PRIM Shares Sold by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management cut its Primoris Services stake by 90.5% in the first quarter, leaving it with 3,500 shares valued at about $501,000.
• Primoris Services posted weaker-than-expected Q1 earnings, with EPS of $0.59 versus $0.87 expected and revenue of $1.56 billion versus $1.73 billion expected. The company also reiterated FY 2026 guidance of $4.80-$5.00 EPS.
• Analyst sentiment is mixed but still mostly positive: the stock has a Moderate Buy consensus with an average target price of $137.47, even as some firms have recently lowered targets or downgraded the shares.

Meeder Asset Management Inc. reduced its stake in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 90.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,500 shares of the company's stock after selling 33,327 shares during the quarter. Meeder Asset Management Inc.'s holdings in Primoris Services were worth $501,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its position in shares of 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 acquiring an additional 194 shares during the last quarter. Goldman Sachs Group Inc. lifted its position 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 purchasing an additional 33,934 shares during the last quarter. Caxton Associates LLP bought 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 boosted its stake in 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 purchasing an additional 33,818 shares during the period. Finally, M&T Bank Corp acquired a new position in Primoris Services during the 2nd quarter valued at about $274,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of NYSE PRIM opened at $86.55 on Tuesday. Primoris Services Corporation has a twelve month low of $65.00 and a twelve month high of $205.50. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average of $103.71 and a two-hundred day moving average of $133.01. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of 19.06 and a beta of 1.41.

Primoris Services (NYSE:PRIM - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.28). The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The firm's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, analysts expect that Primoris Services Corporation will post 1.88 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

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

Wall Street Analyst Weigh In

PRIM has been the topic of several analyst reports. Cantor Fitzgerald dropped their price target on shares of Primoris Services from $124.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, June 25th. Roth Capital reiterated a "buy" rating and set a $100.00 price objective on shares of Primoris Services in a research report on Monday. Wolfe Research reissued an "outperform" rating and issued a $149.00 price objective on shares of Primoris Services in a report on Monday, June 15th. Weiss Ratings cut Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 28th. Finally, Wall Street Zen downgraded Primoris Services from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Eleven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Primoris Services has an average rating of "Moderate Buy" and a consensus target price of $137.47.

Insider Buying and Selling at Primoris Services

In other news, insider John M. Perisich sold 29,707 shares of the business's stock in a transaction 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 sale, the insider directly owned 27,574 shares of the company's stock, valued at $3,525,611.64. The trade was a 51.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Lee King sold 20,000 shares of the company'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 sale, the director directly owned 14,941 shares of the company's stock, valued at approximately $1,779,323.69. This represents a 57.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.10% of the company's stock.

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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