Insider Selling: Primoris Services Co. (NASDAQ:PRIM) Director Sells 10,000 Shares of Stock

Primoris Services Co. (NASDAQ:PRIM) Director John P. Schauerman sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $52.91, for a total value of $529,100.00. Following the transaction, the director now owns 192,281 shares of the company’s stock, valued at approximately $10,173,587.71. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Primoris Services Stock Up 2.7 %

Shares of Primoris Services stock opened at $54.67 on Friday. The stock’s fifty day moving average is $46.13 and its 200-day moving average is $38.45. The firm has a market capitalization of $2.93 billion, a PE ratio of 20.63 and a beta of 1.14. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69. Primoris Services Co. has a 12-month low of $26.29 and a 12-month high of $54.74.

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. The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.38 billion. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. Primoris Services’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.18 earnings per share. Equities analysts anticipate that Primoris Services Co. will post 2.67 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.44%. The ex-dividend date is Friday, June 28th. Primoris Services’s payout ratio is 9.06%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRIM. Norges Bank acquired a new position in Primoris Services during the fourth quarter valued at $15,550,000. Goldman Sachs Group Inc. raised its position in Primoris Services by 122.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock valued at $17,395,000 after buying an additional 288,651 shares during the period. Verition Fund Management LLC raised its position in Primoris Services by 64.9% during the fourth quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock valued at $19,223,000 after buying an additional 227,916 shares during the period. Foundry Partners LLC acquired a new position in Primoris Services during the third quarter valued at $5,193,000. Finally, Heartland Advisors Inc. acquired a new position in Primoris Services during the third quarter valued at $4,091,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. StockNews.com lowered Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. The Goldman Sachs Group upped their price objective on Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. UBS Group upped their price objective on Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th. Finally, DA Davidson upped their price objective on Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, April 4th.

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.