Bank of New York Mellon Corp Sells 4,078 Shares of Primoris Services Co. (NASDAQ:PRIM)

Bank of New York Mellon Corp decreased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 388,395 shares of the construction company’s stock after selling 4,078 shares during the quarter. Bank of New York Mellon Corp owned about 0.73% of Primoris Services worth $9,578,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Primoris Services by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 5,274,776 shares of the construction company’s stock worth $85,715,000 after buying an additional 28,615 shares during the period. Wellington Management Group LLP grew its position in shares of Primoris Services by 26.1% during the 1st quarter. Wellington Management Group LLP now owns 4,873,880 shares of the construction company’s stock worth $116,096,000 after buying an additional 1,009,809 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Primoris Services by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,938,505 shares of the construction company’s stock worth $64,471,000 after buying an additional 17,152 shares during the period. Invesco Ltd. grew its position in shares of Primoris Services by 92.5% during the 1st quarter. Invesco Ltd. now owns 2,217,273 shares of the construction company’s stock worth $52,815,000 after buying an additional 1,065,317 shares during the period. Finally, Franklin Resources Inc. grew its position in Primoris Services by 20.3% in the 4th quarter. Franklin Resources Inc. now owns 1,544,055 shares of the construction company’s stock valued at $33,877,000 after purchasing an additional 260,517 shares during the period. Institutional investors and hedge funds own 89.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PRIM shares. DA Davidson lifted their target price on Primoris Services from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 10th. StockNews.com assumed coverage on Primoris Services in a research report on Thursday, August 17th. They set a “buy” rating on the stock.

Insider Activity at Primoris Services

In other news, Director Stephen C. Cook sold 3,500 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $29.97, for a total value of $104,895.00. Following the sale, the director now directly owns 14,745 shares of the company’s stock, valued at $441,907.65. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $34.80, for a total value of $696,000.00. Following the transaction, the director now owns 256,306 shares of the company’s stock, valued at $8,919,448.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen C. Cook sold 3,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $29.97, for a total value of $104,895.00. Following the sale, the director now directly owns 14,745 shares in the company, valued at approximately $441,907.65. The disclosure for this sale can be found here. Insiders sold a total of 47,500 shares of company stock worth $1,540,215 over the last quarter. 1.40% of the stock is owned by corporate insiders.

Primoris Services Stock Up 1.4 %

Shares of PRIM opened at $35.86 on Friday. The firm has a market cap of $1.91 billion, a P/E ratio of 15.53 and a beta of 1.26. The stock has a 50 day simple moving average of $32.16 and a two-hundred day simple moving average of $28.26. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.45 and a quick ratio of 1.45. Primoris Services Co. has a 1 year low of $15.90 and a 1 year high of $36.19.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, August 7th. The construction company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.35 billion. Primoris Services had a return on equity of 14.77% and a net margin of 2.36%. The business’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 earnings per share. On average, analysts forecast that Primoris Services Co. will post 2.7 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.67%. Primoris Services’s dividend payout ratio is presently 10.39%.

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. 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.