Bank of America Corp DE Sells 125,977 Shares of Primoris Services Co. (NASDAQ:PRIM)

Bank of America Corp DE reduced its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 32.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after acquiring an additional 82,261 shares in the last quarter. Invesco Ltd. grew its stake in shares of Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock valued at $152,489,000 after buying an additional 430,589 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock valued at $101,628,000 after buying an additional 1,274,839 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Primoris Services by 15.8% in the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock valued at $87,023,000 after buying an additional 155,347 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after buying an additional 381,284 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Down 0.7%

PRIM opened at $74.98 on Tuesday. Primoris Services Co. has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $4.05 billion, a P/E ratio of 24.83 and a beta of 1.33. The stock has a fifty day moving average of $62.11 and a 200-day moving average of $72.07.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the firm earned $0.47 earnings per share. The company’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 business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. Piper Sandler raised their target price 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. DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. KeyCorp raised their price target on Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. raised their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.75.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’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 transaction, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. The trade was a 26.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 over the last quarter. 1.40% of the stock is owned by corporate 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.