Insider Selling: Primoris Services Co. (NASDAQ:PRIM) Director Sells 15,000 Shares of Stock

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) Director John P. Schauerman sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director directly owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Primoris Services Stock Up 1.4%

Primoris Services stock traded up $1.15 during midday trading on Wednesday, reaching $84.48. The company's stock had a trading volume of 661,586 shares, compared to its average volume of 781,724. The stock has a market capitalization of $4.56 billion, a P/E ratio of 27.97 and a beta of 1.37. Primoris Services Co. has a 52-week low of $45.92 and a 52-week high of $90.86. The stock's 50-day simple moving average is $74.10 and its 200-day simple moving average is $70.98. 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 (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the business posted $0.47 earnings per share. Primoris Services's revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System raised its position in Primoris Services by 0.8% during the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock valued at $1,190,000 after acquiring an additional 131 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in Primoris Services by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock worth $750,000 after purchasing an additional 175 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after purchasing an additional 194 shares during the last quarter. Freedom Investment Management Inc. grew its position in shares of Primoris Services by 4.3% in the 1st quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock valued at $289,000 after purchasing an additional 207 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Primoris Services by 4.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock worth $505,000 after acquiring an additional 268 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PRIM. Jefferies Financial Group began coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. Piper Sandler raised their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Janney Montgomery Scott began coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. Guggenheim reaffirmed a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. Finally, KeyCorp raised their price target on Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $87.56.

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.

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