Primoris Services (NYSE:PRIM) Shares Gap Down – Here’s Why

Primoris Services Corporation (NYSE:PRIM) gapped down prior to trading on Tuesday . The stock had previously closed at $122.82, but opened at $117.56. Primoris Services shares last traded at $112.6690, with a volume of 505,475 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on PRIM shares. Wells Fargo & Company decreased their target price on Primoris Services from $168.00 to $118.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Needham & Company LLC reduced their price objective 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. Weiss Ratings lowered Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 28th. KeyCorp reduced their price objective on Primoris Services from $179.00 to $137.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Finally, Wall Street Zen lowered Primoris Services from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $156.20.

Primoris Services Price Performance

The company has a market capitalization of $5.44 billion, a PE ratio of 22.13 and a beta of 1.37. The firm has a fifty day moving average of $140.15 and a two-hundred day moving average of $140.00. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM) last issued its earnings results 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 analysts’ expectations of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The company’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Research analysts anticipate that Primoris Services Corporation will post 4.55 EPS for the current fiscal year.

Primoris Services Announces Dividend

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 issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services’s dividend payout ratio is currently 7.05%.

Insider Activity

In other Primoris Services news, Director David Lee King sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the completion of the transaction, the director owned 14,941 shares of the company’s stock, valued at $1,779,323.69. This represents a 57.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John M. Perisich sold 29,707 shares of Primoris Services stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the completion of the sale, the insider owned 27,574 shares in the company, valued at approximately $3,525,611.64. This represents a 51.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Large investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. grew its stake 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 buying an additional 148 shares during the last quarter. Harbour Investments Inc. purchased a new position in Primoris Services during the fourth quarter valued at $33,000. Root Financial Partners LLC raised its stake in Primoris Services by 43.1% during 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 during the last quarter. Osterweis Capital Management Inc. purchased a new position in Primoris Services during the second quarter valued at $34,000. Finally, Cullen Frost Bankers Inc. raised its stake in Primoris Services by 30.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock valued at $43,000 after buying an additional 81 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Company 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.