Primoris Services Co. (NASDAQ:PRIM) Director John P. Schauerman Sells 15,000 Shares

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

Primoris Services Trading Up 1.9%

NASDAQ:PRIM traded up $1.63 during trading hours on Friday, reaching $86.65. 901,037 shares of the company were exchanged, compared to its average volume of 786,139. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of 28.69 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 has a 50 day simple moving average of $75.01 and a 200 day simple moving average of $71.10.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services's revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. As a group, analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio is presently 8.47%.

Wall Street Analyst Weigh In

Several analysts have recently commented on PRIM shares. KeyCorp increased their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Piper Sandler increased their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Janney Montgomery Scott initiated coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective on the stock. Finally, Guggenheim reissued a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $87.56.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc raised its stake in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares during the period. Parallel Advisors LLC raised its stake in shares of Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock valued at $42,000 after acquiring an additional 535 shares during the period. Brooklyn Investment Group grew its holdings in Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after purchasing an additional 544 shares in the last quarter. NewEdge Advisors LLC grew 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 valued at $43,000 after purchasing an additional 194 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after purchasing an additional 746 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

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.