Primoris Services Co. (NASDAQ:PRIM) Insider Sells $663,524.32 in Stock

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) insider John M. Perisich sold 13,448 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $49.34, for a total transaction of $663,524.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Primoris Services Stock Up 0.7 %

NASDAQ PRIM traded up $0.34 on Tuesday, hitting $49.66. 525,366 shares of the company were exchanged, compared to its average volume of 505,433. The company has a market cap of $2.66 billion, a PE ratio of 16.00 and a beta of 1.14. Primoris Services Co. has a 12 month low of $24.37 and a 12 month high of $52.75. The stock has a fifty day moving average of $44.04 and a 200-day moving average of $37.12. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.69.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.39. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same period in the prior year, the firm earned $0.18 earnings per share. Primoris Services's revenue was up 12.4% on a year-over-year basis. As a group, analysts forecast that Primoris Services Co. will post 2.61 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Friday, June 28th. Primoris Services's payout ratio is currently 9.06%.

Institutional Trading of Primoris Services

Several institutional investors have recently made changes to their positions in PRIM. Raymond James & Associates lifted its holdings in Primoris Services by 22.6% during the third quarter. Raymond James & Associates now owns 61,055 shares of the construction company's stock worth $1,998,000 after acquiring an additional 11,254 shares during the period. Strs Ohio grew its position in Primoris Services by 108.9% during the third quarter. Strs Ohio now owns 25,700 shares of the construction company's stock valued at $841,000 after buying an additional 13,400 shares during the period. Teacher Retirement System of Texas increased its holdings in Primoris Services by 22.2% during the third quarter. Teacher Retirement System of Texas now owns 26,847 shares of the construction company's stock worth $879,000 after buying an additional 4,875 shares during the last quarter. Principal Financial Group Inc. purchased a new position in Primoris Services in the third quarter valued at about $255,000. Finally, Victory Capital Management Inc. boosted its stake in Primoris Services by 28.2% in the third quarter. Victory Capital Management Inc. now owns 20,533 shares of the construction company's stock valued at $672,000 after acquiring an additional 4,513 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Analyst Ratings Changes

PRIM has been the subject of several research analyst reports. UBS Group lifted their target price on shares of Primoris Services from $44.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, April 5th. StockNews.com cut shares of Primoris Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $38.00 to $43.00 and gave the stock a "neutral" rating in a research report on Thursday, April 4th. Finally, DA Davidson upped their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the stock a "buy" rating in a research report on Thursday, April 4th.

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.

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