Primoris Services (NASDAQ:PRIM) Director Sells $351,877.15 in 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 E. Ching sold 2,935 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director owned 9,534 shares of the company's stock, valued at $1,143,031.26. This represents a 23.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Primoris Services Price Performance

NASDAQ PRIM traded up $1.68 during trading on Friday, hitting $128.53. 1,775,049 shares of the stock traded hands, compared to its average volume of 923,560. The company has a market capitalization of $6.94 billion, a P/E ratio of 42.56 and a beta of 1.42. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a 50-day simple moving average of $107.80 and a 200-day simple moving average of $81.83. Primoris Services Co. has a 12-month low of $49.10 and a 12-month high of $129.02.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its 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. The firm had revenue of $1.89 billion during 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 company's quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

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 issued a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. Primoris Services's payout ratio is 7.26%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRIM. KeyCorp lifted their target price on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Guggenheim lifted their target price on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. UBS Group boosted their price objective on Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Finally, Mizuho assumed coverage on Primoris Services in a report on Thursday, September 4th. They set a "neutral" rating and a $112.00 price objective for the company. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and an average target price of $103.70.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors and hedge funds have recently bought and sold shares of PRIM. Ethic Inc. bought a new stake in Primoris Services during the 4th quarter valued at $209,000. Janus Henderson Group PLC raised its position in shares of Primoris Services by 16.7% in the 4th quarter. Janus Henderson Group PLC now owns 107,288 shares of the construction company's stock worth $8,196,000 after acquiring an additional 15,356 shares in the last quarter. Man Group plc raised its position in shares of Primoris Services by 37.9% in the 4th quarter. Man Group plc now owns 22,688 shares of the construction company's stock worth $1,733,000 after acquiring an additional 6,237 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Primoris Services by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 15,054 shares of the construction company's stock worth $1,150,000 after acquiring an additional 4,953 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC bought a new position in shares of Primoris Services in the 4th quarter worth $5,909,000. 91.82% of the stock is owned by institutional investors.

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.