Hennessy Advisors Inc. Sells 19,200 Shares of Primoris Services Corporation $PRIM

Hennessy Advisors Inc. cut its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 5.3% during the 4th quarter, Holdings Channel reports. The fund owned 345,400 shares of the company’s stock after selling 19,200 shares during the period. Primoris Services comprises approximately 1.5% of Hennessy Advisors Inc.’s investment portfolio, making the stock its 16th largest position. Hennessy Advisors Inc.’s holdings in Primoris Services were worth $42,878,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its stake in Primoris Services by 2.6% during the 2nd quarter. State Street Corp now owns 1,320,947 shares of the company’s stock worth $103,058,000 after buying an additional 33,399 shares during the period. American Century Companies Inc. increased its stake in Primoris Services by 69.6% during the 3rd quarter. American Century Companies Inc. now owns 1,019,856 shares of the company’s stock valued at $140,057,000 after purchasing an additional 418,374 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in Primoris Services by 44.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 947,308 shares of the company’s stock valued at $130,094,000 after purchasing an additional 293,085 shares in the last quarter. Congress Asset Management Co. increased its stake in Primoris Services by 2.4% during the 4th quarter. Congress Asset Management Co. now owns 815,270 shares of the company’s stock valued at $101,208,000 after purchasing an additional 19,034 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Primoris Services by 136.0% during the 3rd quarter. Wellington Management Group LLP now owns 663,985 shares of the company’s stock valued at $91,185,000 after purchasing an additional 382,597 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRIM. Zacks Research lowered Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 31st. Weiss Ratings reissued a “buy (b)” rating on shares of Primoris Services in a report on Tuesday, January 20th. Mizuho upped their price target on shares of Primoris Services from $128.00 to $143.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. UBS Group boosted their price objective on Primoris Services from $165.00 to $176.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Finally, Wolfe Research assumed coverage on Primoris Services in a report on Thursday, April 9th. They set an “outperform” rating and a $183.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and an average price target of $156.31.

Primoris Services Stock Performance

PRIM stock opened at $166.29 on Monday. 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 $53.13 and a 52 week high of $174.43. The firm’s fifty day simple moving average is $150.93. The company has a market cap of $9.02 billion, a price-to-earnings ratio of 33.06 and a beta of 1.38.

Primoris Services (NYSE:PRIM) last released its earnings results on Monday, February 23rd. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.95 by $0.13. Primoris Services had a net margin of 3.63% and a return on equity of 18.67%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same quarter last year, the firm earned $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.

Primoris Services Dividend Announcement

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

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.