Insider Selling: Primoris Services Co. (NASDAQ:PRIM) Director Sells 998 Shares of Stock

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) Director Stephen C. Cook sold 998 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded down $0.16 on Friday, hitting $63.40. The company had a trading volume of 998,401 shares, compared to its average volume of 891,693. Primoris Services Co. has a 1-year low of $39.63 and a 1-year high of $90.86. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of 20.99 and a beta of 1.13. The stock has a 50 day moving average price of $75.93 and a 200 day moving average price of $70.57. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.50%. Primoris Services's dividend payout ratio is currently 9.64%.

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Institutional Investors Weigh In On Primoris Services

A number of institutional investors have recently modified their holdings of PRIM. QRG Capital Management Inc. lifted its position in Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after purchasing an additional 4,623 shares during the period. Quest Partners LLC lifted its position in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock worth $943,000 after purchasing an additional 15,450 shares during the period. Harbor Capital Advisors Inc. lifted its position in 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 purchasing an additional 22,223 shares during the period. Benjamin Edwards Inc. lifted its position in Primoris Services by 40,543.8% during the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock worth $378,000 after purchasing an additional 6,487 shares during the period. Finally, AMI Asset Management Corp lifted its position in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after purchasing an additional 6,350 shares during the period. Institutional investors own 91.82% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on PRIM shares. DA Davidson reissued a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. UBS Group boosted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Finally, KeyCorp began coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $91.83.

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.