Primoris Services Co. (NASDAQ:PRIM - Get Free Report) CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Primoris Services Stock Performance
Shares of Primoris Services stock traded down $0.76 on Friday, reaching $63.68. 1,349,939 shares of the company were exchanged, compared to its average volume of 659,343. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 21.08 and a beta of 1.13. Primoris Services Co. has a 1-year low of $40.66 and a 1-year high of $90.86. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company's 50-day moving average is $73.22 and its two-hundred day moving average is $71.12.
Primoris Services Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services's dividend payout ratio is presently 9.64%.
Wall Street Analysts Forecast Growth
PRIM has been the topic of a number of recent analyst reports. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target for the company. Finally, DA Davidson restated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Primoris Services currently has a consensus rating of "Buy" and a consensus target price of $89.14.
Read Our Latest Report on PRIM
Hedge Funds Weigh In On Primoris Services
Hedge funds and other institutional investors have recently modified their holdings of the company. QRG Capital Management Inc. lifted its position in Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after purchasing an additional 4,623 shares during the last quarter. Quest Partners LLC raised its holdings in shares of Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock valued at $943,000 after buying an additional 15,450 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Primoris Services by 12,845.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock worth $1,711,000 after buying an additional 22,223 shares during the period. Benjamin Edwards Inc. grew its holdings in Primoris Services by 40,543.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock worth $378,000 after buying an additional 6,487 shares in the last quarter. Finally, AMI Asset Management Corp increased its position in Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock valued at $1,456,000 after acquiring an additional 6,350 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.
About Primoris Services
(
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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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