David Lee King Sells 2,000 Shares of Primoris Services Co. (NASDAQ:PRIM) Stock

Primoris Services Co. (NASDAQ:PRIM) Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Primoris Services Trading Up 2.9 %

Shares of PRIM opened at $79.29 on Friday. Primoris Services Co. has a twelve month low of $29.14 and a twelve month high of $80.09. The firm has a market capitalization of $4.26 billion, a P/E ratio of 26.26 and a beta of 1.05. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The stock’s fifty day simple moving average is $59.50 and its 200 day simple moving average is $54.48.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the firm posted $1.02 earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. On average, equities research analysts forecast that Primoris Services Co. will post 3.33 earnings per share for the current year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s payout ratio is currently 7.95%.

Analyst Ratings Changes

Several research firms have issued reports on PRIM. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. The Goldman Sachs Group lifted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday. DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, UBS Group lifted their price objective on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $77.25.

Institutional Investors Weigh In On Primoris Services

Large investors have recently made changes to their positions in the business. Whalen Wealth Management Inc. purchased a new stake in shares of Primoris Services during the 3rd quarter valued at about $464,000. Quest Partners LLC boosted its position in Primoris Services by 1,945.8% in the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after buying an additional 15,450 shares during the last quarter. Prudent Man Advisors LLC acquired a new stake in Primoris Services during the 3rd quarter valued at approximately $210,000. KBC Group NV boosted its stake in shares of Primoris Services by 28.5% during the 3rd 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 during the last quarter. Finally, Aigen Investment Management LP acquired a new stake in shares of Primoris Services during the third quarter worth approximately $482,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.