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

Primoris Services Co. (NASDAQ:PRIM) 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:PRIM) 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.

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.