Primoris Services Co. (NASDAQ:PRIM) Director David Lee King Sells 2,000 Shares

Primoris Services Co. (NASDAQ:PRIM) Director David Lee King sold 2,000 shares of Primoris Services 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 directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Primoris Services Price Performance

Primoris Services stock traded up $2.21 during midday trading on Thursday, reaching $79.29. The company had a trading volume of 973,593 shares, compared to its average volume of 577,091. Primoris Services Co. has a 12-month low of $29.14 and a 12-month high of $80.09. The firm’s fifty day simple moving average is $59.03 and its 200-day simple moving average is $54.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market capitalization of $4.26 billion, a P/E ratio of 25.52 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last released 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. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the business posted $1.02 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that Primoris Services Co. will post 3.33 EPS for the current year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio is 7.95%.

Hedge Funds Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently modified their holdings of PRIM. Nisa Investment Advisors LLC grew its stake in Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. grew its position in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC increased its holdings in shares of Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares during the last quarter. FSC Wealth Advisors LLC acquired a new position in Primoris Services during the second quarter worth $70,000. Finally, Canton Hathaway LLC purchased a new stake in Primoris Services in the 2nd quarter valued at $100,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on PRIM shares. UBS Group lifted their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. started 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. The Goldman Sachs Group boosted 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. Finally, DA Davidson upped their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $77.25.

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.