Primoris Services Co. (NASDAQ:PRIM) Director Sells $152,280.00 in Stock

Primoris Services Co. (NASDAQ:PRIM) Director David Lee King sold 2,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Primoris Services Price Performance

PRIM stock opened at $81.64 on Friday. The firm has a 50-day moving average of $60.01 and a two-hundred day moving average of $54.80. Primoris Services Co. has a one year low of $29.14 and a one year high of $81.71. The firm has a market capitalization of $4.39 billion, a PE ratio of 27.03 and a beta of 1.05. The company has a current ratio of 1.38, a quick ratio of 1.41 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the company posted $1.02 earnings per share. On average, analysts forecast that Primoris Services Co. will post 3.48 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost 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 0.39%. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PRIM. Marshall Wace LLP bought a new position in shares of Primoris Services during the second quarter valued at $28,089,000. Victory Capital Management Inc. increased its stake in shares of Primoris Services by 837.3% in the second 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 in the last quarter. Decade Renewable Partners LP acquired a new stake in shares of Primoris Services in the second quarter valued at $9,584,000. Renaissance Technologies LLC acquired a new stake in shares of Primoris Services in the second quarter valued at $6,366,000. Finally, Nicholas Investment Partners LP acquired a new stake in shares of Primoris Services in the second quarter valued at $5,489,000. 91.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PRIM. DA Davidson upped their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group upped their price target on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. Finally, The Goldman Sachs Group upped their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Primoris Services currently has a consensus rating of “Moderate Buy” and an average target price of $77.25.

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.