Jennison Associates LLC Reduces Stake in Primoris Services Corporation $PRIM

Jennison Associates LLC lessened its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 28.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 7,013 shares of the company’s stock after selling 2,830 shares during the quarter. Jennison Associates LLC’s holdings in Primoris Services were worth $871,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. SBI Securities Co. Ltd. boosted its position in shares of Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the company’s stock valued at $29,000 after acquiring an additional 148 shares during the period. Osterweis Capital Management Inc. bought a new position in Primoris Services in the 2nd quarter valued at $34,000. Blue Bell Private Wealth Management LLC purchased a new position in shares of Primoris Services during the 3rd quarter valued at $37,000. Cullen Frost Bankers Inc. purchased a new position in shares of Primoris Services during the 3rd quarter valued at $37,000. Finally, McIlrath & Eck LLC increased its holdings in shares of Primoris Services by 109.8% in the third quarter. McIlrath & Eck LLC now owns 277 shares of the company’s stock worth $38,000 after purchasing an additional 145 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of NYSE:PRIM opened at $180.01 on Monday. The stock has a market capitalization of $9.76 billion, a price-to-earnings ratio of 35.79 and a beta of 1.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. Primoris Services Corporation has a 52-week low of $63.36 and a 52-week high of $184.00. The stock has a fifty day moving average of $152.12.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.13. Primoris Services had a return on equity of 18.67% and a net margin of 3.63%.The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the previous year, the company posted $1.13 earnings per share. The company’s revenue was up 6.7% compared to the same quarter last year. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS. On average, sell-side analysts forecast that Primoris Services Corporation will post 5.73 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a $0.08 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services’s payout ratio is presently 6.36%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PRIM shares. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $165.00 to $171.00 and gave the company a “neutral” rating in a research note on Wednesday, April 1st. Wolfe Research initiated coverage on Primoris Services in a research note on Thursday, April 9th. They issued an “outperform” rating and a $183.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Primoris Services in a report on Tuesday, January 20th. Wells Fargo & Company lifted their price target on Primoris Services from $138.00 to $168.00 and gave the company an “equal weight” rating in a research report on Thursday, February 26th. Finally, The Goldman Sachs Group boosted their price objective on Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $157.00.

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.