Bank of New York Mellon Corp Acquires 6,684 Shares of Primoris Services Co. $PRIM

Bank of New York Mellon Corp raised its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 2.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 263,128 shares of the construction company's stock after acquiring an additional 6,684 shares during the period. Bank of New York Mellon Corp owned about 0.49% of Primoris Services worth $20,508,000 at the end of the most recent quarter.

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A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Nuveen LLC acquired a new stake in Primoris Services in the first quarter valued at approximately $111,497,000. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after acquiring an additional 980,940 shares in the last quarter. Millennium Management LLC grew its position in Primoris Services by 262.1% during the 1st quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock worth $41,818,000 after acquiring an additional 527,240 shares during the last quarter. Pacer Advisors Inc. acquired a new position in Primoris Services in the 1st quarter worth about $24,133,000. Finally, Yaupon Capital Management LP raised its position in Primoris Services by 1,103.7% in the first quarter. Yaupon Capital Management LP now owns 381,316 shares of the construction company's stock valued at $21,891,000 after purchasing an additional 349,637 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Insider Activity at Primoris Services

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the sale, the director directly owned 9,534 shares of the company's stock, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Patricia K. Wagner sold 13,491 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $125.23, for a total value of $1,689,477.93. Following the completion of the transaction, the director owned 4,495 shares in the company, valued at approximately $562,908.85. The trade was a 75.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 22,932 shares of company stock valued at $2,869,099. Company insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $118.27 on Friday. The business has a 50-day moving average price of $131.99 and a two-hundred day moving average price of $103.06. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $146.16. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $6.39 billion, a P/E ratio of 39.16 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The firm's revenue for the quarter was up 32.1% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. As a group, analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services's dividend payout ratio is currently 6.31%.

Analyst Upgrades and Downgrades

PRIM has been the topic of several research reports. Zacks Research cut Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Glj Research initiated coverage on shares of Primoris Services in a research report on Monday, September 22nd. They issued a "buy" rating and a $160.00 price target for the company. Jefferies Financial Group reiterated a "buy" rating and set a $161.00 price target on shares of Primoris Services in a report on Wednesday, November 5th. Wells Fargo & Company began coverage on Primoris Services in a report on Friday. They issued an "equal weight" rating and a $138.00 price objective for the company. Finally, KeyCorp lifted their target price on Primoris Services from $154.00 to $159.00 and gave the stock an "overweight" rating in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $142.54.

Read Our Latest Analysis on Primoris Services

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. 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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