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

Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Primoris Services Price Performance

Shares of PRIM stock opened at $78.07 on Friday. The company has a market capitalization of $4.19 billion, a P/E ratio of 25.85 and a beta of 1.05. 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 Co. has a 12 month low of $29.14 and a 12 month high of $83.40. The stock has a 50 day moving average of $62.82 and a two-hundred day moving average of $55.97.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping 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 firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the company earned $1.02 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. As a group, equities analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.41%. 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. Primoris Services’s dividend payout ratio is 7.95%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PRIM shares. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. Finally, DA Davidson increased 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, November 6th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC raised its holdings in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. raised its stake in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. Millburn Ridgefield Corp bought a new position in shares of Primoris Services during the third quarter valued at $59,000. CWM LLC boosted its stake in shares of 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 purchasing an additional 220 shares in the last quarter. Finally, FSC Wealth Advisors LLC bought a new stake in shares of Primoris Services in the 2nd quarter worth about $70,000. Institutional investors own 91.82% of the company’s stock.

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.