Insider Selling: Primoris Services Corporation (PRIM) Director Sells $3,033,300.34 in Stock

Primoris Services Corporation (NASDAQ:PRIM) Director Brian Pratt sold 108,062 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $28.07, for a total value of $3,033,300.34. Following the transaction, the director now owns 9,332,324 shares of the company’s stock, valued at $261,958,334.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Brian Pratt also recently made the following trade(s):

  • On Wednesday, September 13th, Brian Pratt sold 146,882 shares of Primoris Services Corporation stock. The stock was sold at an average price of $28.59, for a total value of $4,199,356.38.
  • On Tuesday, September 12th, Brian Pratt sold 181,982 shares of Primoris Services Corporation stock. The stock was sold at an average price of $28.35, for a total value of $5,159,189.70.
  • On Thursday, September 7th, Brian Pratt sold 105,099 shares of Primoris Services Corporation stock. The stock was sold at an average price of $28.00, for a total value of $2,942,772.00.
  • On Wednesday, September 6th, Brian Pratt sold 105,734 shares of Primoris Services Corporation stock. The stock was sold at an average price of $28.20, for a total value of $2,981,698.80.
  • On Friday, September 8th, Brian Pratt sold 311,933 shares of Primoris Services Corporation stock. The stock was sold at an average price of $28.08, for a total value of $8,759,078.64.

Primoris Services Corporation (NASDAQ PRIM) opened at 28.40 on Friday. The stock’s 50 day moving average price is $26.86 and its 200-day moving average price is $24.65. The company has a market capitalization of $1.46 billion, a P/E ratio of 30.90 and a beta of 1.56. Primoris Services Corporation has a 12 month low of $18.71 and a 12 month high of $30.00.

Primoris Services Corporation (NASDAQ:PRIM) last released its earnings results on Tuesday, August 8th. The construction company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The company had revenue of $631.20 million during the quarter, compared to analyst estimates of $582.82 million. During the same quarter in the previous year, the company posted $0.10 EPS. Primoris Services Corporation’s revenue for the quarter was up 38.2% on a year-over-year basis. On average, equities research analysts predict that Primoris Services Corporation will post $1.19 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Saturday, October 14th. Stockholders of record on Friday, September 29th will be paid a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Thursday, September 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is presently 23.40%.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alambic Investment Management L.P. bought a new stake in shares of Primoris Services Corporation in the 1st quarter valued at about $348,000. Van Berkom & Associates Inc. lifted its stake in shares of Primoris Services Corporation by 16.0% in the 2nd quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock valued at $59,125,000 after acquiring an additional 327,189 shares during the last quarter. Teachers Advisors LLC lifted its stake in shares of Primoris Services Corporation by 3.0% in the 1st quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock valued at $1,665,000 after acquiring an additional 2,065 shares during the last quarter. Macquarie Group Ltd. lifted its stake in shares of Primoris Services Corporation by 1.8% in the 1st quarter. Macquarie Group Ltd. now owns 1,852,926 shares of the construction company’s stock valued at $43,025,000 after acquiring an additional 31,947 shares during the last quarter. Finally, CIBC World Markets Inc. lifted its stake in shares of Primoris Services Corporation by 1.9% in the 2nd quarter. CIBC World Markets Inc. now owns 318,876 shares of the construction company’s stock valued at $7,953,000 after acquiring an additional 6,000 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

A number of equities analysts have recently issued reports on PRIM shares. Zacks Investment Research downgraded Primoris Services Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. BidaskClub downgraded Primoris Services Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. TheStreet upgraded Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Finally, Canaccord Genuity raised their price objective on Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Primoris Services Corporation has a consensus rating of “Hold” and an average price target of $27.00.

Primoris Services Corporation Company Profile

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.

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