Primoris Services Exec sells more than $240,000 worth of company stock by Investing.com

Primoris services Corp (NASDAQ:NYSE:) Chief Legal & Administrative Officer John M. Perisich sold 4,391 shares of the company’s stock on September 13th, 2024, according to a recent filing with the SEC. The stock was sold at prices ranging from $55.08 to $55.49 per share, amounting to approximately $242,958.

The transaction left Perisich with zero direct shares in the company; however, he still maintains an indirect stake through the Perisich Family Trust. As stated in the footnotes to the filing, the shares currently held by the trust amount to 145,214 shares of common stock. The trust is dated July 11, 2007, and Perisich serves as trustee, emphasizing his continuing interest in the company’s performance.

Primoris Services Corp, which operates in the water, sewer, pipeline and power line construction industry, trades publicly under the symbol PRIM on the NASDAQ stock exchange. This recent transaction provides insight into the trading activities of one of the company’s top executives, giving investors a glimpse into internal stock movements.

The SEC filing did not disclose specific reasons for the sale, which is standard practice for such filings. However, the details provided ensure transparency in dealings with corporate insiders, allowing investors to remain informed of material transactions that could influence their investment decisions.

In other recent news, Premier PV, a subsidiary of Primoris Services Corporation, reported a significant milestone with an order backlog exceeding $55 million. The company attributes this achievement to its competent team and strong customer relationships. Premier PV, known for its electrical balance of systems (eBOS) solutions for utility-scale solar and battery storage systems, has seen considerable growth.

The company’s leadership, with over 55 years of combined industry experience, is dedicated to innovation and lowering the total cost of ownership for its customers. Premier PV has produced over ten gigawatts of eBOS products from its ISO9001 certified facility, underscoring its commitment to environmental responsibility through sustainable packaging practices to minimize on-site waste.

These are the latest developments from a company that forms part of Primoris’ broader strategy to provide critical infrastructure services to the utility, energy and renewables markets. While Premier PV continues to focus on providing high quality products and services, the company also recognizes that forward-looking statements involve risks and uncertainties. As it explores new market opportunities, Premier PV aims to contribute to a sustainable energy future with its innovative solutions and industry expertise.

InvestingPro Insights

Primoris Services Corp (NASDAQ:PRIM) has demonstrated robust financial performance lately, as reflected in key metrics from InvestingPro. With a market cap of $2.94 billion, the company shows potential for stability and growth. A notable InvestingPro tip points out that Primoris trades at a low P/E ratio of 18.87 relative to its near-term earnings growth, suggesting the stock may be undervalued given its earnings outlook.

Investors can also find encouragement in the company’s significant performance over the past week, with a total price return of 12.35%, signaling a recent strong stock market performance. This aligns with the company’s impressive long-term performance, with a return of 67.1% over the past year, indicating sustained investor confidence. In addition, Primoris has maintained dividend payments for 17 consecutive years, which could be attractive to income-focused investors, reflecting a commitment to shareholder returns.

In terms of profitability, analysts predict that Primoris will be profitable this year, and the company has already been profitable for the past twelve months. This is also confirmed by a revenue growth of 13.97% in the last twelve months from Q2 2024, demonstrating the expansion of the business. However, it’s important to note that the company suffers from poor gross profit margins, currently at 10.8%, which could be a point of concern for investors looking at operational efficiency.

For more information and additional InvestingPro advice related to Primoris Services Corp, investors can visit https://www.investing.com/pro/PRIM. There are 9 more InvestingPro Tips available on the platform, providing a comprehensive picture of the company’s financial health and investment potential.

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