Primoris Services Sees Unusually Large Options Volume (NASDAQ:PRIM)

Primoris Services Co. (NASDAQ:PRIM) was the target of some unusual options trading activity on Tuesday. Stock investors acquired 2,729 put options on the company. This is an increase of approximately 358% compared to the typical volume of 596 put options.

Insider Activity at Primoris Services

In other Primoris Services news, Director Carla S. Mashinski sold 3,883 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $53.92, for a total transaction of $209,371.36. Following the transaction, the director now owns 20,454 shares of the company’s stock, valued at approximately $1,102,879.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Primoris Services news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $52.86, for a total transaction of $132,150.00. Following the transaction, the director now directly owns 27,517 shares in the company, valued at approximately $1,454,548.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carla S. Mashinski sold 3,883 shares of Primoris Services stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $53.92, for a total transaction of $209,371.36. Following the sale, the director now owns 20,454 shares of the company’s stock, valued at approximately $1,102,879.68. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Primoris Services

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace LLP acquired a new position in Primoris Services during the second quarter valued at approximately $28,089,000. Norges Bank bought a new stake in shares of Primoris Services in the 4th quarter valued at $15,550,000. Victory Capital Management Inc. raised its stake in Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after buying an additional 327,412 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Primoris Services by 122.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock worth $17,395,000 after acquiring an additional 288,651 shares in the last quarter. Finally, Verition Fund Management LLC grew its stake in Primoris Services by 64.9% in the fourth quarter. Verition Fund Management LLC now owns 578,845 shares of the construction company’s stock valued at $19,223,000 after acquiring an additional 227,916 shares during the period. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

Shares of PRIM stock opened at $50.97 on Thursday. The firm’s 50 day moving average price is $52.57 and its two-hundred day moving average price is $48.70. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. Primoris Services has a 52-week low of $28.96 and a 52-week high of $57.72. The stock has a market cap of $2.74 billion, a PE ratio of 19.23 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the business posted $0.80 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, analysts forecast that Primoris Services will post 2.82 EPS for the current year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.47%. Primoris Services’s payout ratio is currently 9.06%.

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.