Mackenzie Financial Corp Buys 348,465 Shares of Primoris Services Corporation $PRIM

Mackenzie Financial Corp lifted its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 1,093.2% during the third quarter, Holdings Channel reports. The fund owned 380,340 shares of the company’s stock after buying an additional 348,465 shares during the quarter. Mackenzie Financial Corp’s holdings in Primoris Services were worth $52,232,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. NewEdge Advisors LLC grew its holdings in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock worth $43,000 after purchasing an additional 194 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Primoris Services by 7.4% during the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the company’s stock valued at $28,337,000 after purchasing an additional 33,934 shares during the period. Caxton Associates LLP bought a new position in shares of Primoris Services during the 1st quarter worth about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Primoris Services by 25.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the company’s stock worth $9,650,000 after purchasing an additional 33,818 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Primoris Services by 2.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 46,353 shares of the company’s stock valued at $3,613,000 after buying an additional 1,123 shares during the period. 91.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

PRIM has been the topic of several recent research reports. UBS Group increased their price target on Primoris Services from $165.00 to $176.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $143.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Cantor Fitzgerald set a $160.00 target price on Primoris Services and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Wall Street Zen cut Primoris Services from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Finally, DA Davidson set a $180.00 price target on shares of Primoris Services in a research report on Wednesday, February 25th. One research 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 given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $153.20.

Primoris Services Price Performance

Shares of NYSE:PRIM opened at $132.47 on Friday. The company has a market cap of $7.16 billion, a P/E ratio of 26.33 and a beta of 1.36. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.26 and a quick ratio of 1.26. The company has a fifty day simple moving average of $148.18. Primoris Services Corporation has a 1 year low of $49.10 and a 1 year high of $174.43.

Primoris Services (NYSE:PRIM) last released its earnings results on Monday, February 23rd. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.13. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 6.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.13 EPS. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders 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 annualized dividend and a yield of 0.2%. Primoris Services’s payout ratio is currently 6.36%.

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.