QRG Capital Management Inc. Sells 12,450 Shares of Primoris Services Corporation $PRIM

Key Points

• QRG Capital Management cut its Primoris Services stake by 65% in Q1, selling 12,450 shares and leaving it with 6,691 shares worth about $957,000.
• Several institutional investors and insiders were active in PRIM, including major sales by John M. Perisich and David Lee King; institutions still own 91.82% of the stock while insiders hold 1.10%.
• Primoris Services reported weaker-than-expected quarterly results, with EPS of $0.59 versus $0.87 expected and revenue of $1.56 billion versus $1.73 billion expected, even as analysts currently rate the stock a Moderate Buy with a $143.20 average target.

QRG Capital Management Inc. cut its position in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 65.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,691 shares of the company's stock after selling 12,450 shares during the period. QRG Capital Management Inc.'s holdings in Primoris Services were worth $957,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. PFG Investments LLC boosted its stake in shares of Primoris Services by 28.9% in the 1st quarter. PFG Investments LLC now owns 5,357 shares of the company's stock valued at $766,000 after purchasing an additional 1,200 shares in the last quarter. Baer Investment Advisory LLC bought a new position in Primoris Services during the 1st quarter valued at about $285,000. Strs Ohio lifted its holdings in Primoris Services by 22.1% during the 1st quarter. Strs Ohio now owns 44,200 shares of the company's stock valued at $6,322,000 after purchasing an additional 8,000 shares during the last quarter. Root Financial Partners LLC boosted its position in Primoris Services by 43.1% in the first quarter. Root Financial Partners LLC now owns 229 shares of the company's stock valued at $33,000 after buying an additional 69 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in Primoris Services by 3.9% during the first quarter. Pictet Asset Management Holding SA now owns 8,759 shares of the company's stock worth $1,253,000 after buying an additional 329 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PRIM. Weiss Ratings downgraded Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 28th. KeyCorp reissued a "sector weight" rating on shares of Primoris Services in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. raised shares of Primoris Services from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $105.00 to $116.00 in a research note on Monday, June 29th. The Goldman Sachs Group upgraded shares of Primoris Services from a "sell" rating to a "neutral" rating and lowered their price target for the stock from $107.00 to $102.00 in a report on Thursday, June 25th. Finally, UBS Group cut their price objective on Primoris Services from $212.00 to $186.00 and set a "buy" rating on the stock in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given 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 stock presently has an average rating of "Moderate Buy" and an average price target of $143.20.

Insiders Place Their Bets

In related news, insider John M. Perisich sold 29,707 shares of the firm's stock in a transaction dated Thursday, May 28th. The shares were 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 of the company's stock, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Lee King sold 20,000 shares of Primoris Services stock in a transaction dated 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 transaction, the director owned 14,941 shares of the company's stock, valued at $1,779,323.69. This trade represents a 57.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.10% of the company's stock.

Primoris Services Trading Up 3.2%

NYSE:PRIM opened at $89.75 on Thursday. 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 stock has a market capitalization of $4.87 billion, a price-to-earnings ratio of 19.77 and a beta of 1.41. The firm has a fifty day simple moving average of $112.66 and a two-hundred day simple moving average of $135.28. Primoris Services Corporation has a 12 month low of $65.00 and a 12 month high of $205.50.

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

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.4%. Primoris Services's dividend payout ratio (DPR) is presently 7.05%.

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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