Bank of America Corp DE Lowers Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Bank of America Corp DE reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 32.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 256,869 shares of the construction company's stock after selling 125,977 shares during the quarter. Bank of America Corp DE owned approximately 0.48% of Primoris Services worth $19,625,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Farther Finance Advisors LLC raised its stake in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. grew its holdings in Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the period. Covestor Ltd grew its holdings in Primoris Services by 4,550.0% during the fourth quarter. Covestor Ltd now owns 930 shares of the construction company's stock worth $71,000 after acquiring an additional 910 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in Primoris Services during the fourth quarter worth about $97,000. Finally, Venturi Wealth Management LLC acquired a new stake in Primoris Services during the fourth quarter worth about $143,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on PRIM. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. KeyCorp boosted their price target on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Piper Sandler boosted their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Primoris Services currently has an average rating of "Moderate Buy" and an average price target of $85.75.

Primoris Services Trading Up 2.0%

PRIM traded up $1.41 during mid-day trading on Friday, hitting $71.13. 792,995 shares of the stock were exchanged, compared to its average volume of 773,804. The firm's fifty day moving average is $62.71 and its two-hundred day moving average is $72.04. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $3.84 billion, a PE ratio of 23.55 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the prior year, the company earned $0.47 EPS. Primoris Services's revenue was up 16.7% on a year-over-year basis. Equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Primoris Services's payout ratio is currently 8.47%.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. This represents a 56.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This trade represents a 26.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by insiders.

Primoris Services Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. 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.