Primoris Services Co. (NASDAQ:PRIM) CEO Sells $3,935,099.00 in Stock

Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Primoris Services Stock Down 1.2 %

Shares of PRIM opened at $63.68 on Friday. Primoris Services Co. has a 12 month low of $40.66 and a 12 month high of $90.86. The firm’s 50 day moving average is $73.22 and its 200-day moving average is $70.99. The stock has a market capitalization of $3.42 billion, a PE ratio of 21.08 and a beta of 1.13. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.50%. Primoris Services’s dividend payout ratio is presently 9.64%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $89.14.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PRIM. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Primoris Services during the 4th quarter worth approximately $200,000. Total Wealth Planning & Management Inc. acquired a new stake in shares of Primoris Services during the 4th quarter worth approximately $677,000. Virtue Capital Management LLC boosted its position in shares of Primoris Services by 6.1% during the 4th quarter. Virtue Capital Management LLC now owns 17,390 shares of the construction company’s stock worth $1,329,000 after acquiring an additional 998 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Primoris Services during the 4th quarter worth approximately $226,000. Finally, Armis Advisers LLC acquired a new stake in shares of Primoris Services during the 4th quarter worth approximately $441,000. 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.