Royce & Associates LP Sells 40,980 Shares of Primoris Services Corporation $PRIM

Key Points

• Royce & Associates LP cut its Primoris Services stake by 29.4% in the fourth quarter, selling 40,980 shares and leaving it with 98,340 shares worth about $12.2 million.
• Primoris reported weaker-than-expected quarterly results, posting EPS of $0.59 versus the $0.87 consensus and revenue of $1.56 billion versus the $1.73 billion estimate, with revenue down 5.4% year over year.
• Analysts remain broadly constructive despite mixed views, with the stock carrying a “Moderate Buy” average rating and an average price target of $156.20, while Primoris also announced a quarterly dividend of $0.08 per share.

Royce & Associates LP lessened its stake in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 29.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,340 shares of the company's stock after selling 40,980 shares during the quarter. Royce & Associates LP owned about 0.18% of Primoris Services worth $12,208,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRIM. SBI Securities Co. Ltd. raised its holdings in shares of Primoris Services by 224.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the company's stock worth $29,000 after acquiring an additional 148 shares during the last quarter. Harbour Investments Inc. acquired a new stake in shares of Primoris Services in the 4th quarter worth about $33,000. Osterweis Capital Management Inc. acquired a new stake in shares of Primoris Services in the 2nd quarter worth about $34,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Primoris Services in the 3rd quarter worth about $37,000. Finally, NewEdge Advisors LLC raised its holdings in shares of Primoris Services by 34.5% in the 1st 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. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Price Performance

Shares of NYSE:PRIM opened at $130.45 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28. The firm has a fifty day moving average price of $143.02 and a 200 day moving average price of $139.84. Primoris Services Corporation has a fifty-two week low of $70.68 and a fifty-two week high of $205.50. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 28.73 and a beta of 1.50.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.59 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company posted $0.98 EPS. Primoris Services's revenue was down 5.4% compared to the same quarter last year. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, sell-side analysts expect that Primoris Services Corporation will post 4.55 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, June 30th. 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 7.05%.

Wall Street Analyst Weigh In

PRIM has been the topic of a number of analyst reports. Weiss Ratings lowered shares of Primoris Services from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. Needham & Company LLC decreased their price objective on shares of Primoris Services from $205.00 to $188.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Cantor Fitzgerald increased their price objective on shares of Primoris Services from $113.00 to $124.00 and gave the company a "neutral" rating in a research note on Tuesday, May 19th. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $117.00 to $133.00 and gave the company a "sell" rating in a research note on Wednesday, January 28th. Finally, JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $165.00 to $171.00 and gave the company a "neutral" rating in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $156.20.

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.