Bank of New York Mellon Corp Sells 3,822 Shares of Primoris Services Co. (NASDAQ:PRIM)

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

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

Primoris Services Stock Performance

Shares of Primoris Services stock traded down $1.29 during trading on Tuesday, hitting $86.87. 358,371 shares of the company's stock traded hands, compared to its average volume of 784,338. Primoris Services Co. has a 1 year low of $45.92 and a 1 year high of $90.86. The business has a 50-day simple moving average of $77.40 and a 200-day simple moving average of $71.37. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $4.69 billion, a P/E ratio of 28.73 and a beta of 1.37.

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 for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the company earned $0.47 earnings per share. Primoris Services's revenue was up 16.7% on a year-over-year basis. As a group, analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date was Monday, June 30th. Primoris Services's dividend payout ratio is 8.47%.

Insider Activity at Primoris Services

In other news, Director John P. Schauerman sold 15,000 shares of the firm's 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 transaction, the director owned 102,281 shares of the company's stock, valued at $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is owned by company insiders.

Analyst Ratings Changes

PRIM has been the topic of a number of recent research reports. KeyCorp increased their target price on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. increased their target price on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research note on Tuesday. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. Finally, Janney Montgomery Scott initiated coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average 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.