Norges Bank Buys Shares of 832,676 Primoris Services Corporation $PRIM

Norges Bank bought a new stake in Primoris Services Corporation (NYSE:PRIM) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 832,676 shares of the company’s stock, valued at approximately $103,368,000. Norges Bank owned about 1.54% of Primoris Services as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. boosted its stake in 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 last quarter. Harbour Investments Inc. purchased a new stake in shares of Primoris Services during the 4th quarter valued at approximately $33,000. Salomon & Ludwin LLC purchased a new stake in shares of Primoris Services during the 4th quarter valued at approximately $44,000. Cullen Frost Bankers Inc. lifted its stake in shares of Primoris Services by 30.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock valued at $43,000 after buying an additional 81 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake 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 currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wells Fargo & Company dropped their price target on shares of 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. Mizuho upgraded shares of Primoris Services from a “neutral” rating to an “outperform” rating and dropped their price target for the company from $175.00 to $135.00 in a research note on Monday, May 11th. KeyCorp dropped their price target on shares of Primoris Services from $179.00 to $137.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC dropped their price target on shares of Primoris Services from $205.00 to $188.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Finally, Wolfe Research assumed coverage on shares of Primoris Services in a research note on Thursday, April 9th. They set an “outperform” rating and a $183.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $156.20.

Insider Buying and Selling

In related news, Director David Lee King sold 20,000 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 14,941 shares of the company’s stock, valued at approximately $1,779,323.69. This represents a 57.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John M. Perisich sold 29,707 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was 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 in the company, valued at $3,525,611.64. This trade represents a 51.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.10% of the company’s stock.

Primoris Services Stock Performance

Primoris Services stock opened at $122.21 on Friday. The firm’s 50 day simple moving average is $140.49 and its 200 day simple moving average is $139.81. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $6.63 billion, a PE ratio of 26.92 and a beta of 1.36. Primoris Services Corporation has a 1-year low of $70.68 and a 1-year high of $205.50.

Primoris Services (NYSE:PRIM) last posted its earnings results 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 firm had revenue of $1.56 billion for 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%.The business’s revenue was down 5.4% on a year-over-year basis. During the same period last year, the company posted $0.98 EPS. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, analysts expect that Primoris Services Corporation will post 4.55 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company 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. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Primoris Services’s dividend payout ratio is 7.05%.

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.