Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick Sells 61,390 Shares

Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Primoris Services Stock Performance

Shares of PRIM stock opened at $64.66 on Thursday. The business’s 50-day moving average price is $73.78 and its 200-day moving average price is $70.98. Primoris Services Co. has a 12 month low of $39.79 and a 12 month high of $90.86. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 21.41 and a beta of 1.13. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date is Monday, March 31st. Primoris Services’s payout ratio is 9.64%.

Institutional Trading of Primoris Services

Hedge funds have recently made changes to their positions in the company. USA Financial Formulas acquired a new stake in shares of Primoris Services during the fourth quarter valued at about $27,000. Millburn Ridgefield Corp bought a new position in shares of Primoris Services during the third quarter worth about $59,000. Farther Finance Advisors LLC raised its position in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares during the last quarter. Principal Securities Inc. raised its position in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of 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 acquiring an additional 230 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. DA Davidson restated a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Finally, KeyCorp began coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and a consensus price target of $89.14.

About Primoris Services

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.