Insider Selling: Primoris Services Co. (NASDAQ:PRIM) Director Sells 2,000 Shares of Stock

Primoris Services Co. (NASDAQ:PRIM) Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the transaction, the director now owns 25,818 shares in the company, valued at approximately $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Primoris Services Stock Performance

NASDAQ:PRIM traded up $2.21 during trading hours on Thursday, hitting $79.29. 973,593 shares of the company were exchanged, compared to its average volume of 577,091. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services Co. has a 52-week low of $29.14 and a 52-week high of $80.09. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of 25.52 and a beta of 1.05. The company’s 50 day moving average price is $59.03 and its 200-day moving average price is $54.30.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share 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 15.53%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the company earned $1.02 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, research analysts forecast that Primoris Services Co. will post 3.33 earnings per share 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 dividend of $0.08 per share. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. Primoris Services’s payout ratio is 7.95%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. UBS Group boosted their target price on shares of Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. 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 research note on Wednesday. DA Davidson raised their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $77.25.

Hedge Funds Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently bought and sold shares of PRIM. Allspring Global Investments Holdings LLC lifted its stake in Primoris Services by 9.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,941 shares of the construction company’s stock valued at $636,000 after acquiring an additional 1,236 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in Primoris Services during the first quarter valued at $204,000. LSV Asset Management boosted its holdings in Primoris Services by 9.9% in the first quarter. LSV Asset Management now owns 582,842 shares of the construction company’s stock valued at $24,812,000 after purchasing an additional 52,274 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Primoris Services during the 1st quarter worth about $255,000. Finally, Heartland Advisors Inc. raised its stake in shares of Primoris Services by 14.3% during the 1st quarter. Heartland Advisors Inc. now owns 200,000 shares of the construction company’s stock valued at $8,514,000 after buying an additional 25,000 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.