Bank of America Corp DE Buys 174,209 Shares of Primoris Services Corporation $PRIM

Key Points

• Bank of America initiated a position in Primoris Services by purchasing 174,209 shares worth approximately $17.3 million, representing about 0.32% of the company.
• Institutional ownership remains high at 91.82%, with several major investors—including Royal Bank of Canada and Legal & General—recently increasing their stakes.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $127.60 price target, despite Primoris reporting a 10.7% year-over-year revenue decline in its latest quarter.

Bank of America Corp DE bought a new position in Primoris Services Corporation (NYSE:PRIM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 174,209 shares of the company's stock, valued at approximately $17,268,000. Bank of America Corp DE owned about 0.32% of Primoris Services at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PRIM. Total Wealth Planning & Management Inc. purchased a new position in Primoris Services during the 4th quarter valued at $1,116,000. Royal Bank of Canada increased its stake in Primoris Services by 79.7% in the first quarter. Royal Bank of Canada now owns 55,614 shares of the company's stock worth $7,955,000 after purchasing an additional 24,672 shares during the period. Kayne Anderson Capital Advisors LP purchased a new stake in Primoris Services in the second quarter worth $2,514,000. Legal & General Group Plc lifted its position in shares of Primoris Services by 118.2% during the fourth quarter. Legal & General Group Plc now owns 146,972 shares of the company's stock worth $18,272,000 after purchasing an additional 79,621 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Primoris Services by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company's stock worth $164,526,000 after purchasing an additional 42,052 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PRIM has been the subject of several research analyst reports. Zacks Research raised shares of Primoris Services from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. JPMorgan Chase & Co. raised Primoris Services from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $105.00 to $116.00 in a research note on Monday, June 29th. Oppenheimer assumed coverage on Primoris Services in a report on Tuesday, July 7th. They set an "outperform" rating and a $135.00 price objective on the stock. Needham & Company LLC decreased their target price on Primoris Services from $188.00 to $172.00 and set a "buy" rating for the company in a research report on Monday, July 13th. Finally, Mizuho decreased their target price on Primoris Services from $135.00 to $117.00 and set an "outperform" rating for the company in a research report on Tuesday, June 23rd. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Primoris Services currently has an average rating of "Moderate Buy" and a consensus target price of $127.60.

Primoris Services Stock Performance

Shares of NYSE:PRIM opened at $72.20 on Friday. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of 28.31 and a beta of 1.43. Primoris Services Corporation has a 52 week low of $65.00 and a 52 week high of $205.50. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average of $79.36 and a 200 day moving average of $109.61.

Primoris Services (NYSE:PRIM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the business posted $1.68 EPS. The business's revenue was down 10.7% compared to the same quarter last year. On average, sell-side analysts predict that Primoris Services Corporation will post 1.78 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Wednesday, September 30th. Primoris Services's dividend payout ratio is presently 12.55%.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.

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