Primoris Services Co. (NASDAQ:PRIM) CEO Sells $3,935,099.00 in Stock

Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Primoris Services Trading Up 1.6 %

Shares of NASDAQ:PRIM traded up $1.02 during trading on Wednesday, reaching $64.66. The company’s stock had a trading volume of 1,056,424 shares, compared to its average volume of 656,930. The stock has a market capitalization of $3.48 billion, a PE ratio of 21.41 and a beta of 1.13. Primoris Services Co. has a 12 month low of $39.79 and a 12 month high of $90.86. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm’s 50 day simple moving average is $73.78 and its two-hundred day simple moving average is $70.98.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.49%. Primoris Services’s payout ratio is presently 9.64%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PRIM. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Primoris Services in the 4th quarter worth about $200,000. Total Wealth Planning & Management Inc. purchased a new stake in Primoris Services in the 4th quarter worth about $677,000. Virtue Capital Management LLC lifted its stake in Primoris Services by 6.1% in the fourth quarter. Virtue Capital Management LLC now owns 17,390 shares of the construction company’s stock worth $1,329,000 after purchasing an additional 998 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of Primoris Services during the fourth quarter valued at approximately $226,000. Finally, Armis Advisers LLC purchased a new stake in shares of Primoris Services in the fourth quarter worth approximately $441,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim assumed coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Primoris Services has an average rating of “Buy” and an average target price of $89.14.

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.