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

Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Primoris Services Trading Down 1.1 %

Shares of PRIM stock opened at $78.07 on Friday. The firm has a fifty day moving average of $62.82 and a 200-day moving average of $55.91. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of 25.85 and a beta of 1.05. Primoris Services Co. has a 52-week low of $29.14 and a 52-week high of $83.40. 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 for the quarter, beating the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 EPS. On average, equities research analysts forecast that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is 7.95%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. UBS Group boosted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. DA Davidson raised their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.50.

Institutional Trading of Primoris Services

Several institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its holdings in shares of Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after acquiring an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC lifted its holdings in Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares during the last quarter. Yaupon Capital Management LP boosted its position in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after buying an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Primoris Services by 17.7% during the third 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 last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Primoris Services during the second quarter worth approximately $28,089,000. Institutional investors and hedge funds 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.