Rep. Josh Gottheimer Sells Primoris Services Co. (NASDAQ:PRIM) Shares

Representative Josh Gottheimer (D-New Jersey) recently sold shares of Primoris Services Co. (NASDAQ:PRIM). In a filing disclosed on January 14th, the Representative disclosed that they had sold between $1,001 and $15,000 in Primoris Services stock on December 6th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Block (NYSE:SQ) on 12/30/2024.
• Purchased $1,001 – $15,000 in shares of The Goldman Sachs Group (NYSE:GS) on 12/30/2024.
• Sold $1,001 – $15,000 in shares of Ambev (NYSE:ABEV) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Grupo Financiero Banorte (OTCMKTS:GBOOY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Cadre (NYSE:CDRE) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Coloplast A/S (OTCMKTS:CLPBY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Intuitive Surgical (NASDAQ:ISRG) on 12/23/2024.
• Sold $1,001 – $15,000 in shares of Trane Technologies (NYSE:TT) on 12/23/2024.
• Purchased $1,001 – $15,000 in shares of Walmart (NYSE:WMT) on 12/20/2024.
• Sold $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 12/19/2024.

Primoris Services Trading Up 0.5 %

PRIM stock traded up $0.41 during mid-day trading on Thursday, reaching $84.35. 185,868 shares of the stock traded hands, compared to its average volume of 453,312. The stock’s fifty day moving average is $80.44 and its 200-day moving average is $64.55. The company has a market cap of $4.53 billion, a P/E ratio of 27.93 and a beta of 1.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 52-week low of $32.13 and a 52-week high of $84.97.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $1.02 EPS. As a group, sell-side analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is presently 10.60%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now owns 7,908 shares in the company, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now owns 23,818 shares in the company, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. KeyCorp started coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. Finally, DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $88.67.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRIM. Marshall Wace LLP bought a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $28,089,000. Summit Partners Public Asset Management LLC grew its position in Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after acquiring an additional 374,926 shares during the period. BNP Paribas Financial Markets raised its stake in Primoris Services by 549.4% during the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock worth $14,343,000 after acquiring an additional 208,920 shares in the last quarter. Decade Renewable Partners LP bought a new position in shares of Primoris Services during the second quarter valued at $9,584,000. Finally, Yaupon Capital Management LP boosted its stake in shares of Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.