Primoris Services Co. (NASDAQ:PRIM) CEO Sells $1,219,200.00 in Stock

Primoris Services Co. (NASDAQ:PRIMGet Free Report) CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the transaction, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Primoris Services Stock Performance

PRIM stock traded down $0.84 during midday trading on Friday, reaching $78.07. 637,919 shares of the company’s stock traded hands, compared to its average volume of 584,348. The company has a 50-day moving average price of $62.23 and a two-hundred day moving average price of $55.69. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $83.40. The firm has a market capitalization of $4.19 billion, a PE ratio of 22.12 and a beta of 1.05.

Primoris Services (NASDAQ:PRIMGet Free Report) last issued its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the firm posted $1.02 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s payout ratio is 7.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PRIM. Nisa Investment Advisors LLC grew its position in shares of Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after purchasing an additional 584 shares in the last quarter. Blue Trust Inc. grew its position in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. CWM LLC grew its position in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after acquiring an additional 220 shares in the last quarter. Millburn Ridgefield Corp purchased a new position in Primoris Services in the third quarter worth $59,000. Finally, FSC Wealth Advisors LLC purchased a new position in Primoris Services in the second quarter worth $70,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRIM has been the subject of a number of analyst reports. UBS Group lifted their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group lifted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. DA Davidson lifted their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

View Our Latest Research Report on Primoris Services

About Primoris Services

(Get Free Report)

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.

See Also

Insider Buying and Selling by Quarter for Primoris Services (NASDAQ:PRIM)

Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.