Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick Sells 61,390 Shares

by · The Markets Daily

Primoris Services Co. (NASDAQ:PRIM – Get Free Report) CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Primoris Services Stock Up 1.6 %

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

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.49%. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Analysis on PRIM

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. USA Financial Formulas bought a new position in shares of Primoris Services in the 4th quarter worth approximately $27,000. Millburn Ridgefield Corp bought a new position in Primoris Services in the third quarter worth approximately $59,000. Farther Finance Advisors LLC boosted its stake in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares during the last quarter. Principal Securities Inc. raised its stake in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after buying an additional 343 shares during the period. Finally, TD Private Client Wealth LLC lifted its position in shares of Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after buying an additional 230 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

About Primoris Services

(Get Free Report)

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.

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