Swedbank AB Decreases Holdings in Primoris Services Corporation $PRIM

Key Points

• Swedbank AB reduced its Primoris Services stake by 7.5% in the fourth quarter, selling 15,000 shares and leaving it with 185,000 shares valued at about $22.97 million.
• Analysts are mixed on PRIM after several recent updates: UBS, Guggenheim and Needham still rate it a buy, while Wells Fargo kept an equal weight rating and lowered its target. The consensus remains a “Moderate Buy” with a $156.20 target price.
• Primoris missed quarterly expectations, posting EPS of $0.59 versus $0.87 expected and revenue of $1.56 billion versus $1.73 billion expected. The company also declared a quarterly dividend of $0.08 per share, payable July 15.

Swedbank AB trimmed its position in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 7.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 185,000 shares of the company's stock after selling 15,000 shares during the period. Swedbank AB owned about 0.34% of Primoris Services worth $22,966,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. SBI Securities Co. Ltd. raised its holdings in shares of Primoris Services by 224.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the company's stock valued at $29,000 after buying an additional 148 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Primoris Services during the 2nd quarter valued at about $34,000. Cullen Frost Bankers Inc. purchased a new position in shares of Primoris Services during the 3rd quarter valued at about $37,000. NewEdge Advisors LLC raised its holdings in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the company's stock valued at $43,000 after buying an additional 194 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Primoris Services by 120.4% during the 4th quarter. GAMMA Investing LLC now owns 357 shares of the company's stock valued at $44,000 after buying an additional 195 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. UBS Group reduced their price target on Primoris Services from $212.00 to $186.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. Wall Street Zen lowered Primoris Services from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Wells Fargo & Company reduced their price target on Primoris Services from $168.00 to $118.00 and set an "equal weight" rating on the stock in a research report on Friday, May 8th. Guggenheim raised their price target on Primoris Services from $184.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Finally, Needham & Company LLC reduced their price target on Primoris Services from $205.00 to $188.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. One 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $156.20.

Primoris Services Price Performance

PRIM opened at $117.38 on Tuesday. The stock's 50 day simple moving average is $143.31 and its 200 day simple moving average is $139.81. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28. Primoris Services Corporation has a 1 year low of $68.52 and a 1 year high of $205.50. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of 25.85 and a beta of 1.50.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data 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). 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%.Primoris Services's quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, analysts predict that Primoris Services Corporation will post 4.55 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, June 30th. Primoris Services's dividend payout ratio (DPR) is currently 7.05%.

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.

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