Primoris Services Co. (NASDAQ:PRIM) Director David Lee King Sells 2,500 Shares of Stock

Primoris Services Co. (NASDAQ:PRIM) Director David Lee King sold 2,500 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $52.86, for a total transaction of $132,150.00. Following the transaction, the director now owns 27,517 shares in the company, valued at $1,454,548.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Primoris Services Stock Up 1.5 %

Shares of PRIM opened at $53.93 on Tuesday. The firm’s 50-day simple moving average is $49.70 and its 200 day simple moving average is $41.12. Primoris Services Co. has a 52 week low of $28.29 and a 52 week high of $56.62. The firm has a market cap of $2.89 billion, a P/E ratio of 20.35 and a beta of 1.12. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.39. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the business posted $0.18 EPS. The business’s revenue was up 12.4% compared to the same quarter last year. On average, analysts forecast that Primoris Services Co. will post 2.67 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.45%. Primoris Services’s payout ratio is presently 9.06%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PRIM. Norges Bank acquired a new position in shares of Primoris Services during the 4th quarter worth approximately $15,550,000. Goldman Sachs Group Inc. lifted its holdings in shares of Primoris Services by 122.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock worth $17,395,000 after acquiring an additional 288,651 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Primoris Services by 64.9% during the 4th quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock worth $19,223,000 after acquiring an additional 227,916 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Primoris Services by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,595,569 shares of the construction company’s stock worth $119,410,000 after acquiring an additional 109,481 shares during the period. Finally, SG Capital Management LLC bought a new stake in shares of Primoris Services during the 1st quarter worth approximately $4,192,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analyst Ratings Changes

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