Bank of New York Mellon Corp Reduces Position in Primoris Services Corporation $PRIM

Key Points

• Bank of New York Mellon trimmed its Primoris Services stake by 3.3% in the first quarter, but still held 345,050 shares valued at about $49.4 million. Institutional ownership remains very high at 91.82%.
• Several insiders sold shares recently, including John M. Perisich and Director David Lee King, who both reduced their positions by more than 50%. The insider selling may signal some caution, though insiders still own 1.10% of the company.
• Primoris Services reported mixed quarterly results, missing EPS and revenue estimates, while analysts continue to be split with a consensus rating of Moderate Buy and a target price of $137.47. The stock also faces ongoing class-action lawsuit headlines, which remain a key risk for investors.

Bank of New York Mellon Corp decreased its position in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 345,050 shares of the company's stock after selling 11,667 shares during the period. Bank of New York Mellon Corp owned 0.64% of Primoris Services worth $49,356,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC raised its position in Primoris Services by 43.1% in the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company's stock valued at $33,000 after purchasing an additional 69 shares during the last quarter. Harbour Investments Inc. acquired a new stake in Primoris Services during the 4th quarter worth $33,000. Salomon & Ludwin LLC purchased a new position in Primoris Services during the 4th quarter worth $44,000. Cullen Frost Bankers Inc. increased its stake in Primoris Services by 30.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company's stock valued at $43,000 after purchasing an additional 81 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Primoris Services by 120.4% in the fourth quarter. GAMMA Investing LLC now owns 357 shares of the company's stock valued at $44,000 after buying an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Insiders Place Their Bets

In other Primoris Services news, insider John M. Perisich sold 29,707 shares of the business's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the completion of the transaction, the insider directly owned 27,574 shares in the company, valued at approximately $3,525,611.64. The trade was a 51.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David Lee King sold 20,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total value of $2,381,800.00. Following the transaction, the director directly owned 14,941 shares in the company, valued at approximately $1,779,323.69. This represents a 57.24% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PRIM has been the topic of a number of research reports. Zacks Research lowered Primoris Services from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 12th. Needham & Company LLC dropped their price target on shares of Primoris Services from $188.00 to $172.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. Cantor Fitzgerald reduced their price objective on shares of Primoris Services from $124.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, June 25th. KeyCorp reaffirmed a "sector weight" rating on shares of Primoris Services in a report on Tuesday, June 23rd. Finally, Wall Street Zen cut Primoris Services from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Eleven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Primoris Services presently has an average rating of "Moderate Buy" and a consensus target price of $137.47.

Primoris Services Price Performance

Shares of NYSE:PRIM opened at $86.59 on Friday. Primoris Services Corporation has a 12 month low of $65.00 and a 12 month high of $205.50. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 19.07 and a beta of 1.41. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28. The business's 50 day simple moving average is $101.70 and its 200-day simple moving average is $131.91.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The company's revenue for the quarter was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, equities analysts forecast that Primoris Services Corporation will post 1.87 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Tuesday, June 30th. Primoris Services's dividend payout ratio is currently 7.05%.

Primoris Services News Roundup

Here are the key news stories impacting Primoris Services this week:

• Negative Sentiment: Several firms, including Robbins Geller, Howard G. Smith, Schall, Rosen, Pomerantz, Bernstein Liebhard, DJS, Kirby McInerney, Bragar Eagel & Squire, and KSF, issued fresh notices about the Primoris securities class action and the September 21, 2026 lead-plaintiff deadline, keeping legal risk in focus for shareholders. Article Title
• Negative Sentiment: The lawsuit campaign suggests investors are still reacting to alleged securities-law violations, which can weigh on sentiment by increasing uncertainty, legal costs, and the risk of further disclosure-related headlines. Article Title
• Neutral Sentiment: J.P. Morgan reiterated a Buy rating on Primoris, offering some offsetting support, but the rating update was not enough to overshadow the litigation headlines. Article Title

About Primoris Services

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.

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