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

Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Primoris Services Trading Down 1.1 %

Shares of NASDAQ PRIM opened at $78.07 on Friday. The company’s 50 day simple moving average is $62.82 and its 200 day simple moving average is $55.91. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a fifty-two week low of $29.14 and a fifty-two week high of $83.40. The firm has a market capitalization of $4.19 billion, a P/E ratio of 25.85 and a beta of 1.05.

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, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the business posted $1.02 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. On average, analysts predict that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The business 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 dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. 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. Primoris Services’s payout ratio is presently 7.95%.

Analyst Ratings Changes

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

Institutional Trading of Primoris Services

Hedge funds have recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. acquired a new position in Primoris Services during the first quarter valued at approximately $204,000. SG Americas Securities LLC acquired a new stake in Primoris Services during the 1st quarter worth $255,000. ProShare Advisors LLC lifted its holdings in Primoris Services by 8.5% during the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock worth $406,000 after acquiring an additional 751 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in Primoris Services by 26.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock valued at $813,000 after acquiring an additional 3,940 shares during the period. Finally, PAX Financial Group LLC bought a new stake in shares of Primoris Services in the first quarter worth about $757,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.