Primoris Services Co. (NASDAQ:PRIM) Director Sells $167,960.00 in Stock

Primoris Services Co. (NASDAQ:PRIM) Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

David Lee King also recently made the following trade(s):

• On Wednesday, November 6th, David Lee King sold 2,000 shares of Primoris Services stock. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00.

Primoris Services Price Performance

Primoris Services stock opened at $82.65 on Friday. Primoris Services Co. has a 52 week low of $30.88 and a 52 week high of $84.97. The firm has a market cap of $4.44 billion, a P/E ratio of 23.72 and a beta of 1.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The business’s fifty day moving average is $70.95 and its two-hundred day moving average is $59.43.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The company’s revenue was up 7.8% on a year-over-year basis. Equities research analysts forecast that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.39%. The ex-dividend date is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is 7.95%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Quest Partners LLC lifted its stake in shares of Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after acquiring an additional 15,450 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Primoris Services by 74.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock valued at $2,708,000 after purchasing an additional 23,200 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Primoris Services by 384.8% during the first quarter. Jane Street Group LLC now owns 115,803 shares of the construction company’s stock worth $4,930,000 after buying an additional 91,915 shares during the last quarter. Morse Asset Management Inc raised its stake in shares of Primoris Services by 112.9% during the second quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company’s stock worth $871,000 after buying an additional 9,255 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Primoris Services by 13.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company’s stock valued at $4,859,000 after buying an additional 11,488 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PRIM has been the subject of a number of recent research reports. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. DA Davidson upped their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, UBS Group lifted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

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.