Candelo Capital Management LP Purchases Shares of 27,970 Primoris Services Corporation $PRIM

Candelo Capital Management LP purchased a new position in Primoris Services Corporation (NYSE:PRIM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 27,970 shares of the company’s stock, valued at approximately $3,841,000. Primoris Services makes up approximately 3.3% of Candelo Capital Management LP’s portfolio, making the stock its 18th biggest position. Candelo Capital Management LP owned 0.05% of Primoris Services at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PRIM. First Trust Advisors LP raised its position in shares of Primoris Services by 56.4% in the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the company’s stock valued at $142,872,000 after purchasing an additional 660,915 shares during the last quarter. State Street Corp grew its position 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 purchasing an additional 33,399 shares during the last quarter. Geode Capital Management LLC increased its stake in Primoris Services by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,281,524 shares of the company’s stock valued at $99,895,000 after purchasing an additional 24,254 shares in the last quarter. Invesco Ltd. increased its stake in Primoris Services by 9.9% during the 2nd quarter. Invesco Ltd. now owns 1,142,010 shares of the company’s stock valued at $89,008,000 after purchasing an additional 103,038 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Primoris Services by 69.6% in the third quarter. American Century Companies Inc. now owns 1,019,856 shares of the company’s stock worth $140,057,000 after buying an additional 418,374 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 0.9%

Shares of NYSE PRIM opened at $133.49 on Friday. The company’s 50 day simple moving average is $148.23. The firm has a market cap of $7.22 billion, a PE ratio of 26.54 and a beta of 1.36. 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 12 month low of $49.10 and a 12 month high of $174.43.

Primoris Services (NYSE:PRIM) last released its quarterly earnings data 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. Primoris Services had a net margin of 3.63% and a return on equity of 18.67%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the prior year, the business earned $1.13 earnings per share. The business’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 Announces Dividend

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

Wall Street Analysts Forecast Growth

PRIM has been the subject of several research reports. Wall Street Zen downgraded shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Cantor Fitzgerald set a $160.00 target price on Primoris Services and gave the company a “neutral” rating in a research report on Tuesday, February 24th. UBS Group raised their target price on Primoris Services from $165.00 to $176.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Guggenheim lifted their price target on Primoris Services from $160.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Finally, DA Davidson set a $180.00 price target on Primoris Services in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and a consensus price target of $153.20.

Primoris Services 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.