Primoris Services Corp's (NASDAQ:NYSE:PRIM) Chief Legal and Administrative Officer, John M. Perisich, has sold a significant portion of his holdings in the company. On May 13, 2024, Perisich disposed of 13,448 shares of common stock at prices ranging from $49.20 to $49.47, culminating in a total sale value of approximately $663,461.
The transactions were executed in multiple tranches within the stated price range, as disclosed in the footnotes of the filing. The exact number of shares sold at each price point within this range will be provided upon request, as indicated in the footnotes.
Following the sale, Perisich's direct ownership in Primoris Services Corp has dropped to zero. However, it's noteworthy that he maintains an indirect stake through the Perisich Family Trust, which holds 145,214 shares of the company's common stock. The trust was established on July 11, 2007, and Perisich serves as its trustee, ensuring his continued indirect involvement with the company's equity.
Primoris Services Corp, headquartered in Dallas, Texas, specializes in water, sewer, pipeline, and power line construction. The company's stock is publicly traded on the NASDAQ exchange under the ticker symbol PRIM.
This recent transaction provides investors with insight into the trading activities of Primoris's executives, which can be a valuable piece of information for those looking to understand insider sentiment towards the company's stock performance.
InvestingPro Insights
As investors digest the news of John M. Perisich's recent stock sale, a look at Primoris Services Corp's (NASDAQ:PRIM) market performance and financial metrics may offer a broader context. The company, which is a key player in infrastructure construction, has a current market capitalization of $2.66 billion and trades at a P/E ratio of 18.45, reflecting investor valuation of its earnings.
From a performance standpoint, Primoris has demonstrated resilience and growth, with a revenue increase of nearly 20% over the last twelve months as of Q1 2024, indicating a robust expansion in its operations. This is further substantiated by a substantial 58.45% price uptick over the last six months, showcasing strong investor confidence and market momentum.
On the flip side, an InvestingPro Tip points out that Primoris trades at a high P/E ratio relative to near-term earnings growth, suggesting that investors are paying a premium for its earnings potential. Additionally, the company's gross profit margin stands at 10.58%, which may be considered low, indicating room for improvement in cost management and profitability.
For those seeking to delve deeper into the company's prospects, InvestingPro offers additional insights. There are currently 9 more InvestingPro Tips available that could help investors make more informed decisions. These tips, along with real-time metrics, can be accessed through the InvestingPro platform. As a special offer, readers can use the coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
With Primoris's next earnings date scheduled for August 6, 2024, investors will be keen to see whether the company can sustain its growth trajectory and address areas for improvement. Keeping an eye on insider transactions like Perisich's sale, alongside comprehensive financial analysis, can offer a well-rounded view of the company's standing in the market.
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