Primoris Services Co. (NASDAQ:PRIM) Director John P. Schauerman Sells 10,000 Shares

Primoris Services Co. (NASDAQ:PRIM) Director John P. Schauerman sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $52.91, for a total value of $529,100.00. Following the transaction, the director now owns 192,281 shares in the company, valued at $10,173,587.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $53.57 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69. The business has a 50 day moving average price of $45.84 and a 200 day moving average price of $38.22. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 20.14 and a beta of 1.14. Primoris Services Co. has a twelve month low of $26.29 and a twelve month high of $53.68.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.39. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the business earned $0.18 earnings per share. Primoris Services’s revenue for the quarter was up 12.4% compared to the same quarter last year. Research analysts predict that Primoris Services Co. will post 2.67 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, June 28th. Primoris Services’s payout ratio is presently 9.06%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PRIM shares. DA Davidson raised their price objective on Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. The Goldman Sachs Group lifted their price target on shares of Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. StockNews.com cut shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Finally, UBS Group raised their target price on shares of Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, April 5th.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC lifted its holdings in shares of Primoris Services by 240.0% during the 1st quarter. Tidal Investments LLC now owns 28,560 shares of the construction company’s stock worth $1,216,000 after acquiring an additional 20,160 shares during the period. Jane Street Group LLC lifted its stake in Primoris Services by 384.8% during the first quarter. Jane Street Group LLC now owns 115,803 shares of the construction company’s stock worth $4,930,000 after purchasing an additional 91,915 shares during the period. Janus Henderson Group PLC boosted its holdings in Primoris Services by 185.7% during the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after purchasing an additional 42,112 shares in the last quarter. Morse Asset Management Inc acquired a new position in shares of Primoris Services in the 1st quarter worth approximately $349,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Primoris Services by 3.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company’s stock worth $2,953,000 after buying an additional 2,391 shares during the period. 91.82% of the stock is currently owned by institutional investors.

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.