Primoris Services (NASDAQ:PRIM) Shares Down 4.7% - Here's What Happened

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s share price was down 4.7% during mid-day trading on Thursday . The company traded as low as $58.08 and last traded at $58.14. Approximately 161,325 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 658,410 shares. The stock had previously closed at $61.01.

Wall Street Analyst Weigh In

Several research firms have weighed in on PRIM. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group initiated coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. Guggenheim began coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target on the stock. DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target for the company. One research 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 data from MarketBeat, Primoris Services presently has a consensus rating of "Buy" and a consensus price target of $89.14.

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Primoris Services Stock Up 0.4 %

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a 50-day moving average price of $71.07 and a 200 day moving average price of $71.66. The firm has a market capitalization of $3.08 billion, a PE ratio of 19.00 and a beta of 1.13.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. Primoris Services's dividend payout ratio (DPR) is 9.64%.

Insider Activity at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. USA Financial Formulas purchased a new position in shares of Primoris Services during the 4th quarter worth about $27,000. Millburn Ridgefield Corp bought a new position in shares of Primoris Services during the third quarter valued at approximately $59,000. Farther Finance Advisors LLC lifted 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. boosted its holdings in Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after acquiring an additional 343 shares during the period. Finally, TD Private Client Wealth LLC increased its stake in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after purchasing an additional 230 shares during the period. Institutional investors own 91.82% of the company's stock.

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.