Insider Selling: Primoris Services Co. (NASDAQ:PRIM) Director Sells 2,500 Shares of Stock

Primoris Services Co. (NASDAQ:PRIM) Director David Lee King sold 2,500 shares of Primoris Services stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $52.86, for a total value of $132,150.00. Following the completion of the sale, the director now directly owns 27,517 shares in the company, valued at approximately $1,454,548.62. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Primoris Services Stock Up 2.4 %

NASDAQ:PRIM opened at $55.20 on Thursday. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 17.58 and a beta of 1.12. Primoris Services Co. has a twelve month low of $28.29 and a twelve month high of $56.62. The stock’s 50 day moving average price is $50.09 and its two-hundred day moving average price is $41.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.39. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.38 billion. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 EPS. Equities research analysts expect that Primoris Services Co. will post 2.67 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Friday, June 28th. Primoris Services’s payout ratio is presently 9.06%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PRIM shares. UBS Group lifted their target price on Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, April 5th. StockNews.com lowered Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. The Goldman Sachs Group boosted their price target on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, DA Davidson boosted their price target on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its holdings in shares of Primoris Services by 67.6% during the 4th quarter. BNP Paribas Financial Markets now owns 57,971 shares of the construction company’s stock worth $1,925,000 after acquiring an additional 23,389 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Primoris Services by 121.5% during the 4th quarter. Victory Capital Management Inc. now owns 45,471 shares of the construction company’s stock worth $1,510,000 after acquiring an additional 24,938 shares during the last quarter. Walleye Capital LLC increased its holdings in shares of Primoris Services by 125.9% during the 3rd quarter. Walleye Capital LLC now owns 100,603 shares of the construction company’s stock worth $3,293,000 after acquiring an additional 56,060 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of Primoris Services by 64.9% during the 4th quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock worth $19,223,000 after acquiring an additional 227,916 shares during the last quarter. Finally, Heartland Advisors Inc. increased its holdings in shares of Primoris Services by 40.0% during the 4th quarter. Heartland Advisors Inc. now owns 175,000 shares of the construction company’s stock worth $5,812,000 after acquiring an additional 50,000 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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.