The Manufacturers Life Insurance Company Invests $2.25 Million in Primoris Services Corporation $PRIM

Key Points

• The Manufacturers Life Insurance Company acquired 22,754 Primoris Services shares valued at approximately $2.25 million, while institutional investors collectively own 91.82% of the company.
• Primoris faces securities-fraud lawsuits alleging misleading disclosures about rising costs and reduced guidance for six renewable-energy projects; investors have until September 21, 2026, to seek lead-plaintiff status.
• PRIM opened at $74.41, well below its 52-week high of $205.50. Analysts maintain a “Moderate Buy” consensus with an average price target of $132.27, despite the company reporting a quarterly loss and a 10.7% year-over-year revenue decline.

The Manufacturers Life Insurance Company acquired a new stake in Primoris Services Corporation (NYSE:PRIM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 22,754 shares of the company's stock, valued at approximately $2,255,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Primoris Services in the second quarter worth $677,685,000. First Trust Advisors LP raised its holdings in shares of Primoris Services by 47.4% during the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock valued at $412,837,000 after purchasing an additional 928,155 shares during the period. State Street Corp boosted 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 worth $249,866,000 after purchasing an additional 728,646 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Primoris Services by 163.0% during the 4th quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company's stock worth $216,774,000 after purchasing an additional 1,082,218 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Primoris Services by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company's stock valued at $164,526,000 after buying an additional 42,052 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

Trending Headlines about Primoris Services

Here are the key news stories impacting Primoris Services this week:

• Neutral Sentiment: Several law firms, including Rosen, Kaplan Fox, Bernstein Liebhard, Pomerantz, Portnoy and Kahn Swick & Foti, reiterated that investors who purchased PRIM shares between August 5, 2025, and June 22, 2026, may participate in the pending litigation. The repeated releases largely provide the same information rather than announcing a new regulatory or operating development. Bernstein Liebhard shareholder alert
• Negative Sentiment: The lawsuits allege that Primoris and certain executives made misleading statements or failed to disclose problems involving six renewable-energy projects, including rising project costs and sharply reduced guidance. The allegations reportedly preceded a decline of approximately $23.39 per share. Investors have until September 21, 2026, to seek appointment as lead plaintiff. The claims remain allegations, and no wrongdoing has been established. Levi & Korsinsky Primoris deadline notice

Analysts Set New Price Targets

A number of analysts recently commented on PRIM shares. Wall Street Zen lowered Primoris Services from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Cantor Fitzgerald raised their price objective on Primoris Services from $100.00 to $105.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Oppenheimer assumed coverage on Primoris Services in a report on Tuesday, July 7th. They set an "outperform" rating and a $135.00 price objective for the company. The Goldman Sachs Group upgraded Primoris Services from a "sell" rating to a "neutral" rating and cut their target price for the stock from $107.00 to $102.00 in a report on Thursday, June 25th. Finally, Mizuho reduced their price target on shares of Primoris Services from $135.00 to $117.00 and set an "outperform" rating for the company in a research report on Tuesday, June 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $132.27.

Primoris Services Price Performance

PRIM stock opened at $74.41 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. The business has a 50-day simple moving average of $84.33 and a two-hundred day simple moving average of $118.59. The company has a market capitalization of $4.01 billion, a P/E ratio of 29.18 and a beta of 1.43. Primoris Services Corporation has a 52-week low of $65.00 and a 52-week high of $205.50.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.08. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.73 billion. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The company's quarterly revenue was down 10.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.68 earnings per share. Research analysts expect that Primoris Services Corporation will post 1.76 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.08 per share. The ex-dividend date is Wednesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.4%. Primoris Services's dividend payout ratio (DPR) is 12.55%.

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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