Norges Bank Invests $103.37 Million in Primoris Services Corporation $PRIM

Norges Bank purchased a new position in Primoris Services Corporation (NYSE:PRIM) during the fourth quarter, Holdings Channel reports. The fund purchased 832,676 shares of the company’s stock, valued at approximately $103,368,000.

A number of other institutional investors have also recently made changes to their positions in PRIM. Vanguard Group Inc. increased its holdings in shares of Primoris Services by 7.8% in the 4th quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock worth $804,361,000 after buying an additional 466,192 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Primoris Services by 69.6% in the 3rd quarter. American Century Companies Inc. now owns 1,019,856 shares of the company’s stock worth $140,057,000 after buying an additional 418,374 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Primoris Services by 136.0% in the 3rd quarter. Wellington Management Group LLP now owns 663,985 shares of the company’s stock worth $91,185,000 after buying an additional 382,597 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Primoris Services by 1,093.2% in the 3rd quarter. Mackenzie Financial Corp now owns 380,340 shares of the company’s stock worth $52,232,000 after buying an additional 348,465 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Primoris Services by 2,338.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company’s stock worth $39,033,000 after buying an additional 301,532 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Weiss Ratings lowered shares of Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. Needham & Company LLC reduced their target price on shares of Primoris Services from $205.00 to $188.00 and set a “buy” rating on the stock in a report on Friday, May 8th. UBS Group reduced their target price on shares of Primoris Services from $212.00 to $186.00 and set a “buy” rating on the stock in a report on Monday, May 11th. Mizuho raised shares of Primoris Services from a “neutral” rating to an “outperform” rating and reduced their target price for the company from $175.00 to $135.00 in a report on Monday, May 11th. Finally, Cantor Fitzgerald increased their target price on shares of Primoris Services from $113.00 to $124.00 and gave the company a “neutral” rating in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and two have issued 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 target price of $156.20.

Primoris Services Price Performance

PRIM stock opened at $122.21 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28. Primoris Services Corporation has a 52 week low of $70.68 and a 52 week high of $205.50. The firm’s fifty day moving average is $140.49 and its 200 day moving average is $139.81. The firm has a market cap of $6.63 billion, a P/E ratio of 26.92 and a beta of 1.36.

Primoris Services (NYSE:PRIM) last released its earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.28). Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the business posted $0.98 EPS. Primoris Services’s revenue for the quarter was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Research analysts predict that Primoris Services Corporation will post 4.55 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services’s dividend payout ratio is presently 7.05%.

Insider Buying and Selling at Primoris Services

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

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.