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

Primoris Services Co. (NASDAQ:PRIM) Director Stephen C. Cook sold 4,018 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now directly owns 7,908 shares in the company, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Primoris Services Trading Down 1.1 %

Shares of NASDAQ PRIM traded down $0.84 during midday trading on Friday, hitting $78.07. The stock had a trading volume of 637,919 shares, compared to its average volume of 584,348. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 22.12 and a beta of 1.05. Primoris Services Co. has a 1-year low of $29.14 and a 1-year high of $83.40. 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 company has a fifty day moving average price of $62.23 and a 200 day moving average price of $55.69.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the business posted $1.02 EPS. On average, analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current 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 dividend of $0.08 per share. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is presently 7.95%.

Institutional Investors Weigh In On Primoris Services

Several hedge funds have recently modified their holdings of PRIM. Summit Partners Public Asset Management LLC increased its holdings in Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after purchasing an additional 374,926 shares during the last quarter. Yaupon Capital Management LP increased its holdings in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after purchasing an additional 154,627 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after purchasing an additional 91,235 shares during the last quarter. Marshall Wace LLP purchased a new stake in Primoris Services during the 2nd quarter worth approximately $28,089,000. Finally, Boston Partners increased its holdings in Primoris Services by 5.7% during the 1st quarter. Boston Partners now owns 537,293 shares of the construction company’s stock worth $23,332,000 after purchasing an additional 28,997 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.