Primoris Services (NYSE:PRIM) Shares Down 6.7% – Time to Sell?

Primoris Services Corporation (NYSE:PRIM) shares were down 6.7% on Wednesday . The company traded as low as $96.17 and last traded at $96.9670. Approximately 461,729 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,223,522 shares. The stock had previously closed at $103.90.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PRIM shares. KeyCorp lowered their target price on shares of Primoris Services from $179.00 to $137.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. Wolfe Research started coverage on shares of Primoris Services in a report on Thursday, April 9th. They issued an “outperform” rating and a $183.00 target price on the stock. Weiss Ratings lowered shares of Primoris Services from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, May 28th. Needham & Company LLC lowered their target price 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. Finally, UBS Group lowered their target price on shares of Primoris Services from $212.00 to $186.00 and set a “buy” rating on the stock in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $156.20.

Primoris Services Stock Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28. The stock has a market cap of $5.14 billion, a PE ratio of 20.85 and a beta of 1.36. The company’s 50 day simple moving average is $137.57 and its 200 day simple moving average is $139.55.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.28). The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.98 EPS. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Analysts expect that Primoris Services Corporation will post 4.55 earnings per share for the current year.

Primoris Services Announces Dividend

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

Insiders Place Their Bets

In other news, Director David Lee King sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the completion of the sale, the director owned 14,941 shares in the company, valued at $1,779,323.69. This trade represents a 57.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John M. Perisich sold 29,707 shares of Primoris Services stock in a transaction that occurred on 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 directly owned 27,574 shares in the company, valued at $3,525,611.64. This trade represents a 51.86% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Primoris Services

Several institutional investors have recently bought and sold shares of PRIM. Wellington Management Group LLP lifted its stake in Primoris Services by 163.0% in the fourth quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company’s stock valued at $216,774,000 after purchasing an additional 1,082,218 shares during the last quarter. First Trust Advisors LP lifted its stake in Primoris Services by 47.4% in the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after purchasing an additional 928,155 shares during the last quarter. Norges Bank purchased a new position in Primoris Services in the fourth quarter valued at approximately $103,368,000. State Street Corp lifted its stake in Primoris Services by 56.8% in the fourth quarter. State Street Corp now owns 2,011,488 shares of the company’s stock valued at $249,866,000 after purchasing an additional 728,646 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Primoris Services by 7.8% in the fourth quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock valued at $804,361,000 after purchasing an additional 466,192 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

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.