Primoris Services (NASDAQ:PRIM) Stock Price Down 14.1% - Should You Sell?

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) shares fell 14.1% on Monday . The company traded as low as $73.04 and last traded at $74.24. 307,522 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 527,505 shares. The stock had previously closed at $86.43.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PRIM shares. JPMorgan Chase & Co. lifted their price target on Primoris Services from $77.00 to $88.00 and gave the company an "overweight" rating in a research report on Tuesday. UBS Group lifted their target price on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Guggenheim assumed coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective for the company. DA Davidson boosted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $91.50.

Primoris Services Stock Performance

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 firm has a market capitalization of $4.12 billion, a PE ratio of 25.42 and a beta of 1.14. The firm's 50-day moving average price is $80.63 and its two-hundred day moving average price is $67.20.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 EPS. As a group, research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date was Tuesday, December 31st. This is a boost from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is 10.60%.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the firm's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the sale, the chief executive officer now directly owns 61,390 shares of the company's stock, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction dated 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 owns 7,908 shares of the company's stock, valued at approximately $621,015.24. This represents a 33.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,018 shares of company stock valued at $1,854,974 over the last three months. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PRIM. Congress Asset Management Co. bought a new stake in Primoris Services in the fourth quarter worth $48,851,000. Summit Partners Public Asset Management LLC lifted its position in shares of Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock worth $48,779,000 after buying an additional 374,926 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Primoris Services by 549.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company's stock worth $14,343,000 after acquiring an additional 208,920 shares in the last quarter. Yaupon Capital Management LP increased its holdings in shares of Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after acquiring an additional 154,627 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock valued at $35,255,000 after acquiring an additional 91,235 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

About Primoris Services

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.