Primoris Services Co. (NASDAQ:PRIM) Director Sells $67,864.00 in Stock

Primoris Services Co. (NASDAQ:PRIM) Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares in the company, valued at approximately $501,636. The trade was a 11.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Primoris Services Stock Down 0.3 %

Shares of NASDAQ:PRIM opened at $63.40 on Friday. The stock has a 50 day moving average price of $76.21 and a 200-day moving average price of $70.26. The firm has a market capitalization of $3.41 billion, a P/E ratio of 20.99 and a beta of 1.14. Primoris Services Co. has a 52-week low of $39.63 and a 52-week high of $90.86. 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 Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PRIM shares. UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. KeyCorp initiated coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. 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. Finally, JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $91.83.

Institutional Investors Weigh In On Primoris Services

Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning bought a new stake in shares of Primoris Services in the 3rd quarter worth about $424,000. Nisa Investment Advisors LLC grew its holdings in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares during the period. QRG Capital Management Inc. raised its stake in shares of Primoris Services by 4.2% during the 3rd quarter. QRG Capital Management Inc. now owns 76,356 shares of the construction company’s stock worth $4,435,000 after buying an additional 3,108 shares during the period. Hanseatic Management Services Inc. raised its stake in Primoris Services by 4.6% in the 3rd quarter. Hanseatic Management Services Inc. now owns 16,874 shares of the construction company’s stock valued at $980,000 after purchasing an additional 741 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Primoris Services by 45.0% in the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock worth $2,940,000 after acquiring an additional 15,710 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

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.