Primoris Services Co. (NASDAQ:PRIM) Director Sells $778,800.00 in Stock

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction on Monday, May 20th. The shares were sold at an average price of $51.92, for a total transaction of $778,800.00. Following the completion of the transaction, the director now owns 202,281 shares in the company, valued at $10,502,429.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Primoris Services Price Performance

Primoris Services stock traded up $0.51 during mid-day trading on Tuesday, reaching $52.33. The company had a trading volume of 366,077 shares, compared to its average volume of 502,354. The stock's 50-day simple moving average is $45.34 and its 200-day simple moving average is $38.02. The company has a market capitalization of $2.81 billion, a P/E ratio of 19.75 and a beta of 1.14. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a 1 year low of $26.29 and a 1 year high of $52.75.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.38 billion. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. Primoris Services's revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 earnings per share. On average, equities analysts predict that Primoris Services Co. will post 2.67 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.06 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.46%. Primoris Services's payout ratio is 9.06%.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRIM. Raymond James & Associates boosted its stake in shares of Primoris Services by 22.6% during the third quarter. Raymond James & Associates now owns 61,055 shares of the construction company's stock valued at $1,998,000 after acquiring an additional 11,254 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of 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 valued at $879,000 after buying an additional 4,875 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Primoris Services during the third quarter valued at approximately $255,000. Victory Capital Management Inc. boosted its position in Primoris Services by 28.2% during the third quarter. Victory Capital Management Inc. now owns 20,533 shares of the construction company's stock worth $672,000 after acquiring an additional 4,513 shares during the last quarter. Finally, Versor Investments LP acquired a new position in Primoris Services in the 3rd quarter valued at $361,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

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

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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