Stephen C. Cook Sells 4,018 Shares of Primoris Services Co. (NASDAQ:PRIM) Stock

Primoris Services Co. (NASDAQ:PRIM) Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the sale, the director now directly owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $78.07 on Friday. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of 21.81 and a beta of 1.05. Primoris Services Co. has a 52 week low of $29.14 and a 52 week high of $83.40. The firm has a 50-day simple moving average of $62.82 and a 200-day simple moving average of $55.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.02 EPS. On average, equities analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. Primoris Services’s dividend payout ratio (DPR) is 7.95%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. DA Davidson boosted their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. UBS Group lifted their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday. The Goldman Sachs Group raised their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. began coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Institutional Investors Weigh In On Primoris Services

Several large investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC grew its position in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. lifted its stake in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares during the last quarter. CWM LLC grew its holdings in Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after acquiring an additional 220 shares in the last quarter. Millburn Ridgefield Corp purchased a new stake in shares of Primoris Services in the 3rd quarter valued at approximately $59,000. Finally, FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services in the 2nd quarter valued at $70,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

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.