Citigroup Inc. Sells 9,309 Shares of Primoris Services Co. $PRIM

Citigroup Inc. lowered its position in Primoris Services Co. (NASDAQ:PRIM) by 27.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 have also recently made changes to their positions in the business. NewEdge Advisors LLC boosted its stake in shares of Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after purchasing an additional 194 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Primoris Services by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the construction company’s stock worth $28,337,000 after purchasing an additional 33,934 shares during the last quarter. Caxton Associates LLP purchased a new stake in Primoris Services during the first quarter valued at about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Primoris Services by 25.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company’s stock valued at $9,650,000 after buying an additional 33,818 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in shares of Primoris Services by 2.5% during the second quarter. Envestnet Asset Management Inc. now owns 46,353 shares of the construction company’s stock valued at $3,613,000 after buying an additional 1,123 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Price Performance

PRIM stock opened at $138.06 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $174.43. The firm has a 50-day moving average of $147.34 and a 200 day moving average of $134.41. The company has a market cap of $7.46 billion, a P/E ratio of 45.72 and a beta of 1.36.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, February 23rd. The construction company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.13. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business’s revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.13 EPS. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS. On average, sell-side analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. Primoris Services’s dividend payout ratio (DPR) is presently 6.36%.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of Primoris Services 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 completion of the transaction, the director directly owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. The trade was a 9.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction of $281,361.48. Following the completion of the transaction, 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 disclosure for this sale is available in the SEC filing. 1.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. UBS Group boosted their target price on Primoris Services from $165.00 to $176.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. The Goldman Sachs Group boosted their price objective on Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a research report on Wednesday, January 28th. Cantor Fitzgerald set a $160.00 target price on shares of Primoris Services and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Mizuho upped their price target on shares of Primoris Services from $128.00 to $143.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Finally, JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $143.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.20.

Primoris Services Profile

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.