Algert Global LLC Trims Stock Holdings in Primoris Services Corporation $PRIM

Algert Global LLC reduced its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 12.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 256,574 shares of the company’s stock after selling 35,540 shares during the quarter. Primoris Services comprises 0.6% of Algert Global LLC’s portfolio, making the stock its 9th biggest position. Algert Global LLC owned 0.47% of Primoris Services worth $35,235,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Trust Advisors LP raised its holdings in Primoris Services by 56.4% in the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the company’s stock worth $142,872,000 after purchasing an additional 660,915 shares during the period. American Century Companies Inc. grew its holdings in shares of Primoris Services by 229.3% in the 2nd quarter. American Century Companies Inc. now owns 601,482 shares of the company’s stock valued at $46,880,000 after buying an additional 418,805 shares during the period. Wellington Management Group LLP grew 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 valued at $91,185,000 after buying an additional 382,597 shares during the period. Hennessy Advisors Inc. bought a new stake in shares of Primoris Services in the 3rd quarter valued at $50,071,000. Finally, Mackenzie Financial Corp increased its position 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 valued at $52,232,000 after buying an additional 348,465 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $133.49 on Friday. The firm has a market cap of $7.22 billion, a price-to-earnings ratio of 26.54 and a beta of 1.36. The company has a 50 day moving average price of $148.23. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.26 and a current ratio of 1.26. Primoris Services Corporation has a 52-week low of $49.10 and a 52-week high of $174.43.

Primoris Services (NYSE:PRIM) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.13. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.82 billion. Primoris Services had a return on equity of 18.67% and a net margin of 3.63%.The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.13 EPS. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS.

Primoris Services Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on PRIM shares. Cantor Fitzgerald set a $160.00 target price on Primoris Services and gave the stock a “neutral” rating in a report on Tuesday, February 24th. Wall Street Zen lowered Primoris Services from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. DA Davidson set a $180.00 price objective on Primoris Services in a report on Wednesday, February 25th. Mizuho boosted their price objective on Primoris Services from $128.00 to $143.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Finally, Wells Fargo & Company increased their target price 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. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $153.20.

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.