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

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $67.17, but opened at $63.89. Primoris Services shares last traded at $64.38, with a volume of 73,169 shares.

Analyst Ratings Changes

Several research analysts have issued reports on PRIM shares. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective on the stock. DA Davidson reiterated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price objective for the company. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 target price on the stock. Finally, 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. One analyst has rated the stock with a hold rating, five 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 an average target price of $89.14.

Primoris Services Stock Down 1.2 %

The firm has a market cap of $3.42 billion, a P/E ratio of 21.08 and a beta of 1.13. The firm's 50 day moving average is $73.50 and its two-hundred day moving average is $70.93. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

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Primoris Services Announces Dividend

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

Insider Buying and Selling

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Hedge funds and other institutional investors have recently made changes to their positions in the stock. USA Financial Formulas acquired a new stake in shares of Primoris Services in the 4th quarter valued at about $27,000. Millburn Ridgefield Corp bought a new position in shares of Primoris Services during the third quarter worth about $59,000. Farther Finance Advisors LLC raised its position in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after buying an additional 746 shares during the last quarter. Principal Securities Inc. lifted its stake in Primoris Services by 63.2% in 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 in the last quarter. Finally, TD Private Client Wealth LLC boosted its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after acquiring an additional 230 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.