Primoris Services (NYSE:PRIM) Sets New 52-Week Low Following Analyst Downgrade

Primoris Services Corporation (NYSE:PRIM) hit a new 52-week low during trading on Tuesday after Mizuho lowered their price target on the stock from $135.00 to $117.00. Mizuho currently has an outperform rating on the stock. Primoris Services traded as low as $68.89 and last traded at $66.4780, with a volume of 232308 shares trading hands. The stock had previously closed at $108.34.

PRIM has been the topic of several other reports. Needham & Company LLC dropped their price objective on shares of Primoris Services from $205.00 to $188.00 and set a “buy” rating on the stock in a report on Friday, May 8th. UBS Group reduced their target price on shares of Primoris Services from $212.00 to $186.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Wall Street Zen lowered shares of Primoris Services from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Guggenheim restated a “buy” rating and set a $162.00 price target on shares of Primoris Services in a research note on Tuesday. Finally, Wells Fargo & Company cut their price objective on shares of Primoris Services from $118.00 to $85.00 and set an “equal weight” rating for the company in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $148.33.

Insider Activity

In other news, insider John M. Perisich sold 29,707 shares of Primoris Services stock in a transaction dated 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 completion of the sale, the insider owned 27,574 shares in the company, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Lee King sold 20,000 shares of Primoris Services stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total value 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 trade represents a 57.24% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.10% of the company’s stock.

Key Stories Impacting Primoris Services

Here are the key news stories impacting Primoris Services this week:

• Negative Sentiment: Primoris warned that its renewables projects are facing additional challenges and cost overruns, prompting another major selloff as investors reassess the company’s near-term earnings power and project profitability. Article Title
• Negative Sentiment: The company reduced FY 2026 EPS guidance to $2.05-$2.60, signaling weaker expected profitability than previously believed and raising concerns that earlier targets were too optimistic.
• Negative Sentiment: Multiple law firms have launched securities-fraud investigations into Primoris after its guidance cut and disclosure of project issues, which could create additional legal and reputational overhang for the stock. Article Title
• Negative Sentiment: Analysts have turned more cautious, with Wells Fargo cutting its price target to $85 and others pointing to the forecast reset as a sign that Primoris is becoming harder to justify on prior assumptions.
• Neutral Sentiment: Primoris also presented at the J.P. Morgan Natural Resources Conference, but that event appears secondary to the much more material guidance cut and renewables-related disruptions.

Institutional Trading of Primoris Services

A number of hedge funds have recently made changes to their positions in the stock. Root Financial Partners LLC raised its position in Primoris Services by 43.1% during the first quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock valued at $33,000 after purchasing an additional 69 shares in the last quarter. Harbour Investments Inc. purchased a new position in shares of Primoris Services during the 4th quarter valued at about $33,000. Salomon & Ludwin LLC bought a new stake in Primoris Services in the 4th quarter worth approximately $44,000. Cullen Frost Bankers Inc. lifted its position in Primoris Services by 30.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock worth $43,000 after buying an additional 81 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Primoris Services by 120.4% in the fourth quarter. GAMMA Investing LLC now owns 357 shares of the company’s stock worth $44,000 after buying an additional 195 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

The firm has a market capitalization of $5.01 billion, a P/E ratio of 20.34 and a beta of 1.36. The business’s 50-day simple moving average is $127.66 and its 200 day simple moving average is $137.91. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data 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). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the firm posted $0.98 earnings per share. The company’s revenue was down 5.4% compared to the same quarter last year. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Sell-side analysts forecast that Primoris Services Corporation will post 4.55 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, June 30th. Primoris Services’s dividend payout ratio is presently 7.05%.

Primoris Services Company Profile

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.