Insider Selling: Primoris Services Co. (NASDAQ:PRIM) Insider Sells $307,080.00 in Stock

Primoris Services Co. (NASDAQ:PRIM) insider Jeremy Kinch sold 4,500 shares of the company’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 value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $63.40 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a twelve month low of $39.63 and a twelve month high of $90.86. The stock’s 50 day moving average is $75.93 and its 200-day moving average is $70.44. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 20.99 and a beta of 1.13.

Primoris Services Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Guggenheim assumed coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, KeyCorp assumed coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $91.83.

Hedge Funds Weigh In On Primoris Services

A number of institutional investors have recently modified their holdings of PRIM. Vanguard Group Inc. raised its position in Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock valued at $477,112,000 after buying an additional 82,261 shares during the last quarter. Invesco Ltd. raised its position in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock valued at $152,489,000 after buying an additional 430,589 shares during the last quarter. Alliancebernstein L.P. raised its position in Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock valued at $101,628,000 after buying an additional 1,274,839 shares during the last quarter. Geode Capital Management LLC raised its position in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after buying an additional 15,070 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Primoris Services by 15.8% in the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock valued at $87,023,000 after buying an additional 155,347 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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.