In a recent transaction, John P. Schauerman, a director of Primoris Services Corp (NASDAQ:NYSE:PRIM), sold 15,000 shares of company stock, totaling approximately $778,857. The sale was executed in multiple transactions with prices ranging from $51.90 to $52.14 per share.
Schauerman's sale comes as part of the regular financial disclosures required by corporate insiders. Following this transaction, he continues to hold a significant amount of Primoris stock indirectly through a family trust, with 202,281 shares remaining under his indirect ownership.
Primoris Services Corp, a specialized construction and infrastructure company, has seen its shares trade within this price range recently. The transactions were carried out on May 20, 2024, and the details were made public the following day through the SEC filing.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on their company's stock value. However, such sales and purchases can be influenced by a variety of factors, and not necessarily just the individual's outlook on the company's future performance.
As per the filing, the shares sold by Schauerman are held by the Schauerman Family Trust, established in August 2010. Insiders' holdings and transactions are frequently structured in complex ways, including ownership through trusts, which can offer tax advantages and other benefits.
Primoris Services Corp has not made any official statement regarding this transaction, and it remains a routine disclosure as part of the transparency required from company executives and directors.
InvestingPro Insights
Following the recent insider sale by John P. Schauerman, a director of Primoris Services Corp (NASDAQ:PRIM), the market has shown a robust performance with Primoris stock demonstrating strong returns over various periods. According to InvestingPro data, the company has seen a significant price total return of 17.75% over the last month and an impressive 91.62% over the last year. This aligns with the company trading near its 52-week high, with the price at 99.22% of this peak. It's worth noting that Primoris has also been acknowledged for its consistent dividend payments, having maintained them for 17 consecutive years, which could be a reassuring factor for investors looking for stability through dividend income.
The company's market capitalization currently stands at approximately $2.81 billion, with a P/E ratio of 19.43 and a slightly adjusted P/E ratio for the last twelve months as of Q1 2024 at 18.96. These metrics suggest that the company is trading at a high P/E ratio relative to near-term earnings growth, an InvestingPro Tip that may be of interest to potential investors evaluating the stock's valuation. Additionally, Primoris has experienced a revenue growth of nearly 20% over the last twelve months as of Q1 2024, indicating a solid expansion in its business activities.
For those seeking a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into Primoris Services Corp's financial health and future prospects. These include evaluations of the company's gross profit margins, which have been identified as a weak point. With more tips like these, investors can gain a comprehensive understanding of the company's performance and potential. To explore these valuable insights, investors can visit InvestingPro and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a total of 12 exclusive tips for Primoris Services Corp.
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