Primoris Services (NASDAQ:PRIM) Shares Down 4.7% – Should You Sell?

Primoris Services Co. (NASDAQ:PRIM) traded down 4.7% on Thursday . The stock traded as low as $58.08 and last traded at $58.14. 161,325 shares were traded during mid-day trading, a decline of 75% from the average session volume of 658,410 shares. The stock had previously closed at $61.01.

Analyst Upgrades and Downgrades

PRIM has been the topic of a number of analyst reports. Guggenheim assumed coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. Finally, KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Primoris Services currently has an average rating of “Buy” and a consensus price target of $89.14.

Primoris Services Stock Down 0.5 %

The stock’s fifty day moving average price is $71.07 and its 200 day moving average price is $71.38. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $3.08 billion, a P/E ratio of 18.96 and a beta of 1.13.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.56%. Primoris Services’s payout ratio is 9.64%.

Insider Transactions at Primoris Services

In other news, insider Jeremy Kinch sold 4,500 shares of the business’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 directly owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PRIM. QRG Capital Management Inc. grew its position in Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after acquiring an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Primoris Services by 12,845.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after purchasing an additional 22,223 shares during the period. Benjamin Edwards Inc. grew its holdings in shares of Primoris Services by 40,543.8% in the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after purchasing an additional 6,487 shares during the last quarter. AMI Asset Management Corp increased its stake in shares of Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after buying an additional 6,350 shares during the period. Finally, Congress Asset Management Co. bought a new stake in Primoris Services during the 4th quarter valued at $48,851,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

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.