Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick Sells 15,000 Shares

Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Primoris Services Price Performance

Shares of PRIM traded down $0.84 during trading hours on Friday, reaching $78.07. The stock had a trading volume of 637,919 shares, compared to its average volume of 584,348. The stock has a market capitalization of $4.19 billion, a PE ratio of 22.12 and a beta of 1.05. 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 12 month low of $29.14 and a 12 month high of $83.40. The company’s 50-day moving average is $62.23 and its two-hundred day moving average is $55.69.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. Research analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. DA Davidson raised their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday. Finally, The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $83.50.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PRIM. Marshall Wace LLP bought a new position in shares of Primoris Services in the 2nd quarter worth about $28,089,000. Summit Partners Public Asset Management LLC grew its stake in shares of Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after buying an additional 374,926 shares during the period. Victory Capital Management Inc. grew its stake in shares of Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after buying an additional 327,412 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Primoris Services by 549.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after buying an additional 208,920 shares during the period. Finally, Decade Renewable Partners LP acquired a new stake in shares of Primoris Services in the 2nd quarter valued at about $9,584,000. 91.82% of the stock is 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.