Primoris Services Co. (NASDAQ:PRIM) CEO Sells $3,935,099.00 in Stock

Primoris Services Co. (NASDAQ:PRIM) CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $63.68 on Friday. Primoris Services Co. has a 52 week low of $40.66 and a 52 week high of $90.86. The firm’s fifty day moving average is $73.22 and its 200-day moving average is $70.99. The firm has a market cap of $3.42 billion, a PE ratio of 21.08 and a beta of 1.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services Dividend Announcement

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

Hedge Funds Weigh In On Primoris Services

A number of hedge funds have recently bought and sold shares of PRIM. Principal Financial Group Inc. raised its stake in Primoris Services by 45.0% during the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock worth $2,940,000 after buying an additional 15,710 shares during the last quarter. 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 worth $105,000 after buying an additional 399 shares during the last quarter. Prudent Man Advisors LLC bought a new position in Primoris Services during the third quarter worth $210,000. Quest Partners LLC increased its stake in Primoris Services by 1,945.8% in the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after purchasing an additional 15,450 shares in the last quarter. Finally, Whalen Wealth Management Inc. bought a new stake in Primoris Services in the third quarter valued at $464,000. Institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on PRIM. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. 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 on the stock. Finally, Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. One equities research 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $89.14.

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.