Brian Pratt Sells 725,003 Shares of Primoris Services Corp (PRIM) Stock

Primoris Services Corp (NASDAQ:PRIM) Director Brian Pratt sold 725,003 shares of Primoris Services stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $25.14, for a total transaction of $18,226,575.42. Following the completion of the sale, the director now directly owns 6,946,451 shares of the company’s stock, valued at approximately $174,633,778.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

NASDAQ:PRIM opened at $25.28 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.61. Primoris Services Corp has a 12 month low of $23.61 and a 12 month high of $29.90. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 21.98, a P/E/G ratio of 1.54 and a beta of 1.18.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Tuesday, August 7th. The construction company reported $0.31 EPS for the quarter, hitting analysts’ consensus estimates of $0.31. Primoris Services had a net margin of 2.37% and a return on equity of 8.23%. The business had revenue of $648.79 million during the quarter, compared to the consensus estimate of $593.65 million. sell-side analysts forecast that Primoris Services Corp will post 1.63 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Thursday, September 27th. Primoris Services’s payout ratio is 20.87%.

Several hedge funds have recently modified their holdings of PRIM. Segall Bryant & Hamill LLC bought a new stake in shares of Primoris Services during the 2nd quarter valued at $13,951,000. Hillcrest Asset Management LLC bought a new stake in shares of Primoris Services during the 2nd quarter valued at $10,422,000. BlackRock Inc. grew its position in shares of Primoris Services by 8.7% during the 2nd quarter. BlackRock Inc. now owns 2,649,085 shares of the construction company’s stock valued at $72,135,000 after acquiring an additional 212,126 shares during the period. Bank of America Corp DE grew its position in shares of Primoris Services by 119.6% during the 2nd quarter. Bank of America Corp DE now owns 372,209 shares of the construction company’s stock valued at $10,136,000 after acquiring an additional 202,752 shares during the period. Finally, Dean Investment Associates LLC bought a new stake in shares of Primoris Services during the 2nd quarter valued at $5,499,000. 73.42% of the stock is owned by hedge funds and other institutional investors.

PRIM has been the subject of a number of research analyst reports. ValuEngine downgraded shares of Primoris Services from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. BidaskClub raised shares of Primoris Services from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 12th. Zacks Investment Research raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Thursday, May 31st. Finally, DA Davidson lifted their target price on shares of Primoris Services to $34.00 and gave the stock a “buy” rating in a research report on Friday, June 22nd. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Primoris Services presently has an average rating of “Buy” and a consensus price target of $31.00.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

Further Reading: Book Value Per Share – BVPS

Insider Buying and Selling by Quarter for Primoris Services (NASDAQ:PRIM)

Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply