Primoris Services (NYSE:PRIM) Director David Lee King Sells 20,000 Shares

Key Points

• Insider selling: Primoris Services director David Lee King sold 20,000 shares at an average price of $119.09, for proceeds of about $2.38 million. After the sale, he still held 14,941 shares, and the transaction cut his ownership by 57.24%.
• Stock and earnings update: PRIM shares were down 3.2% in Thursday trading, while the company also reported weaker-than-expected quarterly results earlier in May. EPS came in at $0.59 versus $0.87 expected, and revenue of $1.56 billion missed estimates as well.
• Outlook and income: Primoris announced a quarterly dividend of $0.08 per share, payable July 15, implying a 0.3% annual yield. Analysts currently rate the stock a Moderate Buy on average, with a consensus price target of $156.20.

Primoris Services Corporation (NYSE:PRIM - Get Free Report) Director David Lee King sold 20,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the completion of the sale, the director directly owned 14,941 shares of the company's stock, valued at $1,779,323.69. The trade was a 57.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Primoris Services Stock Down 3.2%

PRIM stock traded down $4.15 during trading on Thursday, reaching $126.48. The stock had a trading volume of 2,066,332 shares, compared to its average volume of 1,170,188. Primoris Services Corporation has a one year low of $70.68 and a one year high of $205.50. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. The company's 50 day moving average is $142.75 and its two-hundred day moving average is $139.85. The company has a market capitalization of $6.86 billion, a price-to-earnings ratio of 27.86 and a beta of 1.50.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the company posted $0.98 earnings per share. The company's revenue for the quarter was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. Equities research analysts forecast that Primoris Services Corporation will post 4.55 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Primoris Services's dividend payout ratio is presently 7.05%.

Analyst Ratings Changes

PRIM has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $165.00 to $171.00 and gave the company a "neutral" rating in a research report on Wednesday, April 1st. Wolfe Research initiated coverage on shares of Primoris Services in a research report on Thursday, April 9th. They set an "outperform" rating and a $183.00 target price for the company. Wells Fargo & Company reduced their target price on shares of Primoris Services from $168.00 to $118.00 and set an "equal weight" rating for the company in a research report on Friday, May 8th. Weiss Ratings downgraded shares of Primoris Services from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen downgraded shares of Primoris Services from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $156.20.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its position in shares of Primoris Services by 4.4% during the 1st quarter. Bank of America Corp DE now owns 324,887 shares of the company's stock valued at $46,472,000 after acquiring an additional 13,617 shares during the period. South Dakota Investment Council bought a new position in Primoris Services in the 1st quarter worth approximately $1,116,000. Altshuler Shaham Ltd bought a new position in Primoris Services in the 1st quarter worth approximately $118,000. Smith Group Asset Management LLC boosted its holdings in Primoris Services by 4.6% in the 1st quarter. Smith Group Asset Management LLC now owns 9,428 shares of the company's stock worth $1,349,000 after buying an additional 413 shares during the period. Finally, Amundi boosted its holdings in Primoris Services by 183.1% in the 1st quarter. Amundi now owns 7,662 shares of the company's stock worth $1,096,000 after buying an additional 4,956 shares during the period. 91.82% of the stock is owned by institutional investors.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.

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