Primoris Services Co. (NASDAQ:PRIM) Insider Jeremy Kinch Sells 4,500 Shares of Stock

Primoris Services Co. (NASDAQ:PRIM) insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now 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 this link.

Primoris Services Stock Down 7.1 %

Shares of Primoris Services stock opened at $63.41 on Friday. 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 business’s 50 day simple moving average is $76.57 and its 200-day simple moving average is $70.31. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 21.00 and a beta of 1.14. Primoris Services Co. has a twelve month low of $39.63 and a twelve month high of $90.86.

Primoris Services Dividend Announcement

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

Institutional Trading of Primoris Services

Several large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System increased its position in Primoris Services by 0.8% in the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock valued at $1,190,000 after acquiring an additional 131 shares during the period. TD Private Client Wealth LLC increased its position in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after acquiring an additional 230 shares during the period. PNC Financial Services Group Inc. increased its position in Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock valued at $505,000 after acquiring an additional 268 shares during the period. HighTower Advisors LLC increased its position in Primoris Services by 5.3% in the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares during the period. Finally, Summit Investment Advisors Inc. increased its position in Primoris Services by 5.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company’s stock valued at $427,000 after acquiring an additional 313 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Guggenheim started coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. UBS Group increased 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. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. JPMorgan Chase & Co. increased their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Finally, DA Davidson reaffirmed a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. One investment 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 MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $91.83.

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.