Michael Ching Sells 2,935 Shares of Primoris Services (NASDAQ:PRIM) Stock

Key Points

• Director Michael Ching sold 2,935 shares of Primoris Services at an average price of $119.89, decreasing his position by 23.54% and retaining 9,534 shares valued at approximately $1.14 million.
• Primoris Services reported a quarterly EPS of $1.68, significantly beating estimates, with a revenue of $1.89 billion, marking a 20.9% increase compared to the same quarter last year.
• The company recently announced a quarterly dividend of $0.08 per share, set to be paid on October 15th, which indicates a low annual yield of 0.3% and a dividend payout ratio of 7.26%.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) Director Michael Ching sold 2,935 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Primoris Services Trading Up 1.3%

Primoris Services stock traded up $1.53 during mid-day trading on Monday, hitting $123.63. The stock had a trading volume of 696,820 shares, compared to its average volume of 918,382. The stock has a 50-day simple moving average of $104.63 and a two-hundred day simple moving average of $80.44. The stock has a market capitalization of $6.68 billion, a PE ratio of 40.94 and a beta of 1.42. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $125.35. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Primoris Services Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. DA Davidson raised their target price on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. raised their target price on 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 target price on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Janney Montgomery Scott assumed coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. Finally, Zacks Research cut Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Primoris Services has an average rating of "Moderate Buy" and a consensus price target of $103.70.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently bought and sold shares of PRIM. Nuveen LLC acquired a new stake in Primoris Services in the 1st quarter valued at approximately $111,497,000. Fuller & Thaler Asset Management Inc. raised its position in Primoris Services by 122.2% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after buying an additional 980,940 shares during the last quarter. First Trust Advisors LP raised its position in Primoris Services by 56.4% in the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company's stock valued at $142,872,000 after buying an additional 660,915 shares during the last quarter. Millennium Management LLC increased its position in shares of Primoris Services by 262.1% during the 1st quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock worth $41,818,000 after purchasing an additional 527,240 shares during the last quarter. Finally, Pacer Advisors Inc. acquired a new position in shares of Primoris Services during the 1st quarter worth approximately $24,133,000. Institutional investors and hedge funds own 91.82% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.