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

Primoris Services Co. (NASDAQ:PRIM) Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

David Lee King also recently made the following trade(s):

• On Wednesday, November 6th, David Lee King sold 2,000 shares of Primoris Services stock. The shares were sold at an average price of $76.14, for a total value of $152,280.00.

Primoris Services Stock Performance

PRIM stock opened at $82.99 on Friday. The firm has a 50 day simple moving average of $70.46 and a 200 day simple moving average of $59.21. Primoris Services Co. has a 52 week low of $30.88 and a 52 week high of $84.97. The stock has a market cap of $4.46 billion, a P/E ratio of 27.48 and a beta of 1.12. 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 (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 company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business posted $1.02 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Research analysts anticipate that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is 7.95%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PRIM. DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group boosted 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, November 6th. UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Institutional Investors Weigh In On Primoris Services

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quest Partners LLC increased its holdings in Primoris Services by 1,945.8% in the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock worth $943,000 after buying an additional 15,450 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Primoris Services by 74.6% in the second quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock worth $2,708,000 after acquiring an additional 23,200 shares in the last quarter. Jane Street Group LLC increased its stake in shares of Primoris Services by 384.8% during the 1st quarter. Jane Street Group LLC now owns 115,803 shares of the construction company’s stock worth $4,930,000 after purchasing an additional 91,915 shares during the last quarter. Morse Asset Management Inc raised its holdings in shares of Primoris Services by 112.9% during the 2nd quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company’s stock valued at $871,000 after purchasing an additional 9,255 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of Primoris Services by 13.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company’s stock valued at $4,859,000 after purchasing an additional 11,488 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other 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.