Primoris Services Co. (NASDAQ:PRIM) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 256,444 shares of the construction company's stock after selling 3,822 shares during the period. Bank of New York Mellon Corp owned approximately 0.48% of Primoris Services worth $14,722,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. DAVENPORT & Co LLC boosted its stake in Primoris Services by 1.4% during the first quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock worth $750,000 after buying an additional 175 shares during the period. HighTower Advisors LLC lifted its position in shares of Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock worth $406,000 after purchasing an additional 268 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Primoris Services by 5.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock worth $427,000 after purchasing an additional 313 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after purchasing an additional 347 shares in the last quarter. Finally, Total Wealth Planning & Management Inc. lifted its position in shares of Primoris Services by 5.4% during the first quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock worth $536,000 after purchasing an additional 475 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the completion of the sale, the director owned 102,281 shares in the company, valued at $7,913,480.97. The trade was a 12.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by company insiders.

Primoris Services Stock Performance

NASDAQ:PRIM traded up $2.72 during midday trading on Wednesday, reaching $89.66. The stock had a trading volume of 627,005 shares, compared to its average volume of 787,234. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a fifty day simple moving average of $77.94 and a two-hundred day simple moving average of $71.53. The stock has a market cap of $4.84 billion, a P/E ratio of 29.69 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly 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 business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the company posted $0.47 EPS. The business's revenue was up 16.7% on a year-over-year basis. On average, equities analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.36%. The ex-dividend date was Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PRIM. KeyCorp raised their target price on shares of Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, July 17th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday. Janney Montgomery Scott started coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. Finally, Piper Sandler increased their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and an average target price of $91.56.

Primoris Services Company 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.