Bank of New York Mellon Corp Has $19.88 Million Position in Primoris Services Co. (NASDAQ:PRIM)

Bank of New York Mellon Corp reduced its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 12.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 260,266 shares of the construction company's stock after selling 38,213 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.48% of Primoris Services worth $19,884,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of PRIM. USA Financial Formulas acquired a new stake in shares of Primoris Services in the 4th quarter worth about $27,000. Millburn Ridgefield Corp acquired a new stake in shares of Primoris Services in the 3rd quarter worth about $59,000. Principal Securities Inc. increased its holdings in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the period. TD Private Client Wealth LLC increased its holdings in shares of Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after acquiring an additional 230 shares during the period. Finally, KBC Group NV increased its holdings in shares of Primoris Services by 28.5% in the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company's stock worth $105,000 after acquiring an additional 399 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PRIM shares. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. UBS Group raised their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday. They set a "buy" rating and a $73.00 target price on the stock. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $89.14.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $1.82 during trading hours on Friday, hitting $67.14. 700,752 shares of the company's stock traded hands, compared to its average volume of 898,483. Primoris Services Co. has a 52 week low of $39.79 and a 52 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's fifty day simple moving average is $74.91 and its two-hundred day simple moving average is $70.61. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 22.23 and a beta of 1.13.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services's payout ratio is 9.64%.

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.