John P. Schauerman Sells 20,000 Shares of Primoris Services Co. (NASDAQ:PRIM) Stock

Key Points

• Director John P. Schauerman sold 20,000 shares of Primoris Services Co. at an average price of $114.01, resulting in a total transaction value of $2,280,200 and a 19.55% decrease in his ownership stake.
• Primoris Services reported earnings per share of $1.68 for the last quarter, surpassing analysts' expectations of $1.10, and recorded a 20.9% year-over-year increase in revenue.
• The company announced a $0.08 quarterly dividend set to be paid on October 15th, reflecting a dividend yield of 0.3% and a payout ratio of 7.26%.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the transaction, the director owned 82,281 shares in the company, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Primoris Services Trading Down 2.2%

Shares of PRIM traded down $2.47 during trading hours on Thursday, reaching $110.94. 811,422 shares of the company traded hands, compared to its average volume of 935,733. The company's fifty day moving average price is $87.48 and its two-hundred day moving average price is $73.87. The company has a market capitalization of $5.99 billion, a price-to-earnings ratio of 36.73 and a beta of 1.44. 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 12 month low of $48.33 and a 12 month high of $115.99.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 EPS. Equities research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. Primoris Services's payout ratio is presently 7.26%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its position in Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after acquiring an additional 3,561 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in Primoris Services during the 1st quarter valued at about $231,000. SG Americas Securities LLC purchased a new position in Primoris Services during the 1st quarter valued at about $1,070,000. KBC Group NV lifted its position in Primoris Services by 24.5% during the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock valued at $163,000 after acquiring an additional 558 shares during the period. Finally, Hsbc Holdings PLC lifted its position in Primoris Services by 74.3% during the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after acquiring an additional 19,530 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on PRIM. Piper Sandler raised their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. UBS Group raised their price target on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. KeyCorp raised their price target on shares of Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Finally, DA Davidson raised their price target on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and an average price target of $99.44.

About Primoris Services

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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