Insider Selling: Primoris Services (NASDAQ:PRIM) COO Sells 3,006 Shares of Stock

Key Points

• Primoris Services COO Jeremy Kinch sold 3,006 shares at an average price of $124.00, representing a 23.88% decrease in his position, now valuing his remaining shares at approximately $1.19 million.
• The company reported quarterly earnings of $1.68 per share, significantly exceeding analysts' expectations of $1.10 per share, with a revenue of $1.89 billion, up 20.9% year-over-year.
• Primoris Services announced a quarterly dividend of $0.08 per share, with a dividend yield of 0.3%, set to be paid on October 15th to stockholders of record.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the sale, the chief operating officer owned 9,580 shares of the company's stock, valued at $1,187,920. This trade represents a 23.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Primoris Services Stock Performance

PRIM traded up $1.68 during midday trading on Friday, reaching $128.53. The company had a trading volume of 1,775,049 shares, compared to its average volume of 923,560. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $129.02. The business has a 50-day moving average price of $107.80 and a two-hundred day moving average price of $81.92. The stock has a market cap of $6.94 billion, a PE ratio of 42.56 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter in the previous year, the firm posted $1.04 EPS. Primoris Services's revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, sell-side analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services's dividend payout ratio (DPR) is 7.26%.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. raised its position in Primoris Services by 2.2% in the second quarter. Ameritas Investment Partners Inc. now owns 5,528 shares of the construction company's stock worth $431,000 after acquiring an additional 121 shares during the period. DAVENPORT & Co LLC grew its position in shares of Primoris Services by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock valued at $750,000 after acquiring an additional 175 shares during the period. NewEdge Advisors LLC increased its stake in shares of Primoris Services by 34.5% in 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 in the last quarter. Freedom Investment Management Inc. raised its holdings in Primoris Services by 4.3% in the 1st quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock worth $289,000 after purchasing an additional 207 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its position in Primoris Services by 85.4% during the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock valued at $38,000 after purchasing an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Guggenheim upped their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, August 19th. Zacks Research lowered shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. Mizuho started coverage on shares of Primoris Services in a report on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Finally, KeyCorp increased their target price on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Eight equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.70.

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.