Primoris Services (NASDAQ:PRIM) Stock Price Down 14.1% – Time to Sell?

Shares of Primoris Services Co. (NASDAQ:PRIM) were down 14.1% during mid-day trading on Monday . The stock traded as low as $73.04 and last traded at $74.24. Approximately 307,522 shares changed hands during trading, a decline of 42% from the average daily volume of 527,505 shares. The stock had previously closed at $86.43.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PRIM shares. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. Guggenheim began coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. The Goldman Sachs Group lifted their target price on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One 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 MarketBeat, Primoris Services has a consensus rating of “Buy” and a consensus price target of $88.67.

Primoris Services Trading Down 15.0 %

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 24.25 and a beta of 1.14. The business’s 50-day moving average price is $81.37 and its two-hundred day moving average price is $66.54.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The company 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 firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 EPS. Research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 10.60%.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. This trade represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 23,018 shares of company stock worth $1,854,974 in the last three months. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Several institutional investors and hedge funds have recently made changes to their positions in PRIM. USA Financial Formulas acquired a new position in Primoris Services in the fourth quarter valued at $27,000. Nisa Investment Advisors LLC raised its position in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. Millburn Ridgefield Corp acquired a new stake in Primoris Services during the third quarter worth approximately $59,000. Finally, TD Private Client Wealth LLC increased its holdings in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares in the last quarter. Institutional investors and hedge funds 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.