Primoris Services (NASDAQ:PRIM) Shares Down 4.7% – Here’s What Happened

Primoris Services Co. (NASDAQ:PRIM) dropped 4.7% on Thursday . The stock traded as low as $58.08 and last traded at $58.14. Approximately 161,325 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 658,410 shares. The stock had previously closed at $61.01.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PRIM shares. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Finally, 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 for the company. One research 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 MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $89.14.

Primoris Services Stock Down 0.5 %

The stock has a market capitalization of $3.08 billion, a PE ratio of 18.96 and a beta of 1.13. The stock’s 50-day moving average price is $71.07 and its two-hundred day moving average price is $71.38. 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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 dividend yield of 0.56%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio is 9.64%.

Insider Transactions at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. USA Financial Formulas purchased a new stake in Primoris Services during the 4th quarter valued at $27,000. Millburn Ridgefield Corp purchased a new stake in Primoris Services during the third quarter valued at $59,000. Farther Finance Advisors LLC increased its position in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after acquiring an additional 746 shares during the last quarter. Principal Securities Inc. lifted its holdings in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after acquiring an additional 343 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

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.