Primoris Services Co. (NASDAQ:PRIM) Director Sells $315,533.54 in Stock

Primoris Services Co. (NASDAQ:PRIM) Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the transaction, the director now owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Primoris Services Trading Down 1.1 %

NASDAQ:PRIM opened at $78.07 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 25.85 and a beta of 1.05. Primoris Services Co. has a one year low of $29.14 and a one year high of $83.40. The business has a fifty day moving average price of $62.82 and a 200-day moving average price of $56.04.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. Primoris Services’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. Sell-side analysts forecast that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company 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 $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.41%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is currently 10.60%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PRIM shares. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. DA Davidson boosted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. UBS Group boosted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. began 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 for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after buying an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC boosted its holdings in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares during the period. Yaupon Capital Management LP boosted its holdings in Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after buying an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after buying an additional 91,235 shares during the period. Finally, Marshall Wace LLP bought a new position in Primoris Services in the 2nd quarter worth $28,089,000. 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.