Traders Purchase Large Volume of Primoris Services Put Options (NASDAQ:PRIM)

Primoris Services Co. (NASDAQ:PRIM) was the recipient of some unusual options trading on Tuesday. Investors acquired 2,505 put options on the stock. This represents an increase of approximately 529% compared to the average daily volume of 398 put options.

Primoris Services Price Performance

PRIM stock traded up $0.32 during midday trading on Tuesday, reaching $55.32. 94,233 shares of the company’s stock traded hands, compared to its average volume of 552,594. The company has a 50-day simple moving average of $52.28 and a two-hundred day simple moving average of $44.44. Primoris Services has a 1-year low of $28.96 and a 1-year high of $56.62. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 20.78 and a beta of 1.08. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.39. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the firm posted $0.18 EPS. The business’s revenue was up 12.4% on a year-over-year basis. On average, analysts anticipate that Primoris Services will post 2.67 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.06 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.43%. Primoris Services’s dividend payout ratio (DPR) is currently 9.06%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PRIM shares. UBS Group increased their target price on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, April 5th. DA Davidson increased their target price on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, The Goldman Sachs Group increased their target price on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $49.47, for a total value of $494,700.00. Following the completion of the sale, the chief executive officer now owns 60,961 shares in the company, valued at approximately $3,015,740.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Primoris Services news, CEO Thomas Edward Mccormick sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $49.47, for a total value of $494,700.00. Following the completion of the sale, the chief executive officer now owns 60,961 shares in the company, valued at approximately $3,015,740.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John P. Schauerman sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $51.92, for a total value of $778,800.00. Following the completion of the sale, the director now owns 202,281 shares of the company’s stock, valued at approximately $10,502,429.52. The disclosure for this sale can be found here. Insiders sold a total of 54,831 shares of company stock worth $2,807,646 in the last 90 days. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Hedge funds and other institutional investors have recently made changes to their positions in the company. Advisor Resource Council acquired a new stake in shares of Primoris Services during the fourth quarter worth $247,000. Camelot Portfolios LLC acquired a new stake in shares of Primoris Services during the fourth quarter worth $239,000. Fulton Bank N.A. grew its stake in shares of Primoris Services by 21.0% during the fourth quarter. Fulton Bank N.A. now owns 13,077 shares of the construction company’s stock worth $434,000 after purchasing an additional 2,271 shares during the period. New York State Teachers Retirement System acquired a new stake in shares of Primoris Services during the fourth quarter worth $159,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Primoris Services by 21.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,705 shares of the construction company’s stock worth $455,000 after purchasing an additional 2,448 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

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.