Primoris Services Co. (NASDAQ:PRIM) Director David Lee King Sells 2,000 Shares

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

Primoris Services Trading Up 3.1 %

NASDAQ PRIM opened at $81.64 on Friday. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 27.03 and a beta of 1.05. The stock’s 50 day moving average price is $60.01 and its two-hundred day moving average price is $54.80. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 1.38. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $81.71.

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 analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the business posted $1.02 EPS. The business’s revenue was up 7.8% compared to the same quarter last year. As a group, analysts anticipate that Primoris Services Co. will post 3.48 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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 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 0.39%. Primoris Services’s payout ratio is presently 10.60%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRIM. Nisa Investment Advisors LLC increased its holdings 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 worth $42,000 after acquiring an additional 584 shares during the last quarter. Blue Trust Inc. grew its holdings in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares in the last quarter. CWM LLC grew its holdings in Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after buying an additional 220 shares in the last quarter. FSC Wealth Advisors LLC acquired a new position in Primoris Services in the 2nd quarter valued at $70,000. Finally, Canton Hathaway LLC acquired a new position in Primoris Services in the 2nd quarter valued at $100,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PRIM shares. DA Davidson boosted their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group boosted their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. Finally, UBS Group lifted their price objective on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.25.

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.