Bank of New York Mellon Corp increased its stake in Primoris Services Corp. (NASDAQ:PRIM) by 5.3% during the second quarter, Holdings Channel reports. The firm owned 211,771 shares of the company’s stock after buying an additional 10,586 shares during the period. Bank of New York Mellon Corp owned about 0.41% of Primoris Services Corp. worth $4,009,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. raised its position in Primoris Services Corp. by 18.8% in the first quarter. BlackRock Inc. now owns 10,546 shares of the company’s stock valued at $256,000 after buying an additional 1,670 shares during the period. Barclays PLC raised its position in Primoris Services Corp. by 341.1% in the first quarter. Barclays PLC now owns 12,352 shares of the company’s stock valued at $296,000 after buying an additional 9,552 shares during the period. LaSalle Street Capital Management LLC raised its position in Primoris Services Corp. by 1.7% in the second quarter. LaSalle Street Capital Management LLC now owns 19,791 shares of the company’s stock valued at $375,000 after buying an additional 327 shares during the period. Renaissance Technologies LLC bought a new position in Primoris Services Corp. during the first quarter valued at $552,000. Finally, Capital Fund Management S.A. bought a new position in Primoris Services Corp. during the second quarter valued at $854,000. 74.49% of the stock is currently owned by hedge funds and other institutional investors.
Primoris Services Corp. (NASDAQ:PRIM) traded down 0.25% on Tuesday, hitting $20.18. The company had a trading volume of 103,795 shares. The stock has a market capitalization of $1.05 billion, a PE ratio of 26.59 and a beta of 1.66. Primoris Services Corp. has a one year low of $16.13 and a one year high of $25.25. The stock has a 50 day moving average of $18.87 and a 200-day moving average of $20.62.
Primoris Services Corp. (NASDAQ:PRIM) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by $0.12. The firm earned $456.81 million during the quarter, compared to the consensus estimate of $516.76 million. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. The firm’s revenue was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.07 EPS. Equities analysts anticipate that Primoris Services Corp. will post $0.75 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a $0.055 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.22 annualized dividend and a yield of 1.09%. Primoris Services Corp.’s payout ratio is currently 28.95%.
Several research firms have weighed in on PRIM. Zacks Investment Research lowered Primoris Services Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 13th. Seaport Global Securities raised Primoris Services Corp. from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $24.00 in a research report on Thursday, August 25th. Finally, DA Davidson lowered Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Primoris Services Corp. presently has an average rating of “Hold” and an average price target of $24.80.
About Primoris Services Corp.
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
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