Primoris Services (NASDAQ:PRIM) Shares Unloaded Rep. Josh Gottheimer

Representative Josh Gottheimer (D-New Jersey) recently sold shares of Primoris Services Co. (NASDAQ:PRIM). In a filing disclosed on January 14th, the Representative disclosed that they had sold between $1,001 and $15,000 in Primoris Services stock on December 6th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Block (NYSE:SQ) on 12/30/2024.
• Purchased $1,001 – $15,000 in shares of The Goldman Sachs Group (NYSE:GS) on 12/30/2024.
• Sold $1,001 – $15,000 in shares of Ambev (NYSE:ABEV) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Grupo Financiero Banorte (OTCMKTS:GBOOY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Cadre (NYSE:CDRE) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Coloplast A/S (OTCMKTS:CLPBY) on 12/27/2024.
• Sold $1,001 – $15,000 in shares of Intuitive Surgical (NASDAQ:ISRG) on 12/23/2024.
• Sold $1,001 – $15,000 in shares of Trane Technologies (NYSE:TT) on 12/23/2024.
• Purchased $1,001 – $15,000 in shares of Walmart (NYSE:WMT) on 12/20/2024.
• Sold $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 12/19/2024.

Primoris Services Price Performance

PRIM stock opened at $84.35 on Friday. The stock has a 50-day moving average price of $80.54 and a two-hundred day moving average price of $64.69. Primoris Services Co. has a 12-month low of $32.13 and a 12-month high of $84.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $4.53 billion, a PE ratio of 21.66 and a beta of 1.14.

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

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend was Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is 10.60%.

Insider Buying and Selling at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares in the company, valued at $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock worth $1,854,974 over the last quarter. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PRIM has been the subject of several analyst reports. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. Guggenheim initiated coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. Finally, The Goldman Sachs Group boosted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $88.67.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. raised its stake in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares in the last quarter. TD Private Client Wealth LLC raised its stake in Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after buying an additional 230 shares in the last quarter. Virtue Capital Management LLC raised its stake in Primoris Services by 2.1% during the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after buying an additional 342 shares in the last quarter. USA Financial Formulas acquired a new stake in Primoris Services during the fourth quarter valued at approximately $27,000. Finally, KBC Group NV raised its stake in Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after buying an additional 399 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.