Primoris Services (NASDAQ:PRIM) Stock Price Down 14.1% – Here’s Why

Primoris Services Co. (NASDAQ:PRIM)’s share price fell 14.1% during mid-day trading on Monday . The company traded as low as $73.04 and last traded at $74.24. Approximately 307,522 shares were traded during trading, a decline of 42% from the average session volume of 527,505 shares. The stock had previously closed at $86.43.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PRIM shares. The Goldman Sachs Group raised 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. KeyCorp began coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. UBS Group increased their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. Finally, DA Davidson lifted their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $88.67.

Primoris Services Stock Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company’s fifty day moving average price is $81.37 and its 200 day moving average price is $66.54. The company has a market cap of $3.95 billion, a PE ratio of 24.25 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the firm posted $1.02 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.44%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is currently 10.60%.

Insider Buying and Selling at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction that occurred on 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 sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their position. The transaction 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 shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,018 shares of company stock worth $1,854,974 in the last quarter. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares in the last quarter. Virtue Capital Management LLC increased its stake in Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after acquiring an additional 342 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of Primoris Services in the 4th quarter valued at about $27,000. Finally, KBC Group NV lifted its position in Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

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.