David Lee King Sells 10,000 Shares of Primoris Services Co. (NASDAQ:PRIM) Stock

Primoris Services Co. (NASDAQ:PRIM – Get Rating) Director David Lee King sold 10,000 shares of the stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $27.36, for a total transaction of $273,600.00. Following the completion of the transaction, the director now directly owns 32,354 shares of the company’s stock, valued at approximately $885,205.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Primoris Services Price Performance

Shares of PRIM stock opened at $26.39 on Friday. Primoris Services Co. has a 52-week low of $15.90 and a 52-week high of $28.20. The stock has a market cap of $1.40 billion, a PE ratio of 10.68 and a beta of 1.25. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.50 and a current ratio of 1.50. The firm’s 50 day moving average price is $25.40 and its two-hundred day moving average price is $21.88.

Primoris Services (NASDAQ:PRIM – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The construction company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. Primoris Services had a net margin of 3.01% and a return on equity of 13.06%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.63 earnings per share. The business’s revenue for the quarter was up 50.3% on a year-over-year basis. As a group, analysts forecast that Primoris Services Co. will post 2.6 EPS for the current year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Shareholders of record on Friday, March 31st will be issued a $0.06 dividend. The ex-dividend date is Thursday, March 30th. This represents a $0.24 annualized dividend and a yield of 0.91%. Primoris Services’s dividend payout ratio (DPR) is presently 9.72%.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in Primoris Services by 0.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 63,766 shares of the construction company’s stock valued at $1,399,000 after buying an additional 503 shares during the last quarter. Arizona State Retirement System increased its stake in Primoris Services by 3.6% in the 4th quarter. Arizona State Retirement System now owns 15,015 shares of the construction company’s stock valued at $329,000 after buying an additional 523 shares during the last quarter. SummerHaven Investment Management LLC increased its stake in Primoris Services by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 36,564 shares of the construction company’s stock valued at $802,000 after buying an additional 530 shares during the last quarter. First Republic Investment Management Inc. grew its position in shares of Primoris Services by 5.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 11,585 shares of the construction company’s stock valued at $252,000 after acquiring an additional 562 shares during the period. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Primoris Services by 16.4% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 4,532 shares of the construction company’s stock valued at $99,000 after acquiring an additional 639 shares during the period. 88.14% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on PRIM shares. Morgan Stanley decreased their price objective on shares of Primoris Services from $30.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 16th. UBS Group upped their price objective on shares of Primoris Services from $29.00 to $34.00 in a research note on Wednesday. StockNews.com raised shares of Primoris Services from a “hold” rating to a “buy” rating in a research note on Wednesday, March 1st. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $20.00 to $22.50 and gave the stock a “sell” rating in a research note on Monday. Finally, DA Davidson increased their price target on shares of Primoris Services from $27.00 to $34.00 in a research note on Thursday, March 2nd.

About Primoris Services

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Primoris Services Corp. operates as a holding company, which engages in the provision of construction, fabrication, maintenance, replacement, and engineering services. It operates through the following segments: Utilities, Energy and Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems.