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 Primoris Services stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Primoris Services Stock Performance

PRIM stock traded down $0.84 during trading on Friday, reaching $78.07. 637,919 shares of the company’s stock were exchanged, compared to its average volume of 584,348. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 1-year low of $29.14 and a 1-year high of $83.40. The company’s fifty day moving average price is $62.23 and its 200-day moving average price is $55.69. The firm has a market cap of $4.19 billion, a PE ratio of 22.12 and a beta of 1.05.

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 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 previous year, the business earned $1.02 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, research analysts expect that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is currently 7.95%.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its position in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. raised its position in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares during the period. CWM LLC grew its stake in 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 in the last quarter. Millburn Ridgefield Corp purchased a new position in Primoris Services in the third quarter valued at about $59,000. Finally, FSC Wealth Advisors LLC purchased a new position in Primoris Services in the second quarter valued at about $70,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.