Citigroup Inc. Decreases Stake in Primoris Services Co. $PRIM

Citigroup Inc. cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 27.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 24,492 shares of the construction company’s stock after selling 9,309 shares during the quarter. Citigroup Inc.’s holdings in Primoris Services were worth $3,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of PRIM. First Trust Advisors LP lifted its stake in Primoris Services by 56.4% during the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock valued at $142,872,000 after acquiring an additional 660,915 shares during the period. State Street Corp lifted its position in Primoris Services by 2.6% during the second quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock valued at $103,058,000 after purchasing an additional 33,399 shares during the period. Geode Capital Management LLC boosted its holdings in Primoris Services by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock worth $99,895,000 after purchasing an additional 24,254 shares during the last quarter. Invesco Ltd. grew its position in Primoris Services by 9.9% in the 2nd quarter. Invesco Ltd. now owns 1,142,010 shares of the construction company’s stock worth $89,008,000 after purchasing an additional 103,038 shares during the period. Finally, Westfield Capital Management Co. LP raised its stake in Primoris Services by 80.4% during the 2nd quarter. Westfield Capital Management Co. LP now owns 654,223 shares of the construction company’s stock valued at $50,990,000 after buying an additional 291,494 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PRIM shares. Wells Fargo & Company raised their price target on Primoris Services from $138.00 to $168.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 26th. Cantor Fitzgerald set a $160.00 target price on Primoris Services and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Mizuho boosted their price target on Primoris Services from $128.00 to $143.00 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $143.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Finally, The Goldman Sachs Group raised their price objective on shares of 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, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $153.20.

Primoris Services Stock Down 4.5%

NASDAQ PRIM opened at $138.06 on Friday. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $174.43. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $7.46 billion, a P/E ratio of 45.72 and a beta of 1.36. The stock’s 50-day moving average price is $147.34 and its 200-day moving average price is $134.41.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, February 23rd. The construction 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 net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same period in the prior year, the firm posted $1.13 EPS. The firm’s quarterly 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, equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

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

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of the stock in a transaction on Monday, December 8th. The stock was sold at an average price of $135.14, for a total value of $281,361.48. Following the completion of the sale, the director owned 21,530 shares in the company, valued at approximately $2,909,564.20. This represents a 8.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John P. Schauerman sold 7,815 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $136.00, for a total value of $1,062,840.00. Following the sale, the director directly owned 74,466 shares in the company, valued at approximately $10,127,376. This represents a 9.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.40% of the company’s stock.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.