Bank of New York Mellon Corp trimmed its holdings 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 Form 13F filing with the Securities & Exchange Commission. The firm 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 approximately 0.48% of Primoris Services worth $14,722,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. HighTower Advisors LLC boosted its stake in Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after acquiring an additional 746 shares in the last quarter. Swiss National Bank boosted its stake in Primoris Services by 0.5% in the fourth quarter. Swiss National Bank now owns 105,600 shares of the construction company’s stock valued at $8,068,000 after acquiring an additional 500 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Primoris Services in the fourth quarter valued at approximately $314,000. Finally, Cibc World Markets Corp acquired a new stake in Primoris Services in the fourth quarter valued at approximately $382,000. 91.82% of the stock is owned by hedge funds and other institutional investors.
Primoris Services Stock Performance
NASDAQ:PRIM opened at $88.49 on Friday. 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 firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of 29.30 and a beta of 1.37. The company’s 50-day moving average is $77.40 and its two-hundred day moving average is $71.41. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $90.86.
Primoris Services Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend was Monday, June 30th. Primoris Services’s payout ratio is currently 8.47%.
Analyst Upgrades and Downgrades
Several research firms have recently commented on PRIM. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a “buy” rating and a $102.00 price objective for the company. Piper Sandler boosted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. KeyCorp boosted their target price on shares of Primoris Services from $79.00 to $98.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Guggenheim restated a “buy” rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $90.22.
Check Out Our Latest Report on Primoris Services
Insiders Place Their Bets
In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the sale, the director directly owned 102,281 shares of the company’s stock, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.40% of the stock is currently owned by insiders.
About Primoris Services
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.
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