Stephen C. Cook, a director at Primoris Services Corp (NASDAQ:NYSE:PRIM), has recently sold a portion of his holdings in the company. According to a recent SEC filing, Cook sold 4,018 shares of common stock on November 14, 2024. The shares were sold at prices ranging from $78.39 to $78.69, resulting in a total transaction value of approximately $315,548.
Following this transaction, Cook retains ownership of 7,908 shares in Primoris Services. The sale was conducted directly and is part of routine portfolio management by the director. Primoris Services, headquartered in Dallas, Texas, operates in the construction sector, specializing in water, sewer, pipeline, communication, and power line construction.
In other recent news, Primoris Services Corporation reported a strong financial performance for Q3 2024, with record revenue exceeding $1.6 billion, marking a 7.8% increase from the previous year. This growth was primarily driven by the company's Energy and Utilities segments, with notable contributions from solar activities and communications projects. The company also reported a record backlog of approximately $2.5 billion, largely fueled by the solar and industrial sectors.
Furthermore, Primoris Services Corporation demonstrated strong liquidity with nearly $625 million available for growth initiatives. The company's management expressed optimism for Q4 2024 and the following year, with a focus on safety, efficiency, and customer service. The renewables business surpassed $1 billion in revenue, with a backlog of $2.9 billion, including significant projects in battery storage and operations and maintenance services.
While the company anticipates seasonal slowdowns that may affect Q4 performance, it continues to prioritize organic growth, debt reduction, and potential increases in shareholder dividends. Additionally, Primoris Services Corporation paid down $50 million in debt and plans to pay down an additional $50 million by Q4. These are some of the recent developments that continue to shape the trajectory of Primoris Services Corporation.
InvestingPro Insights
In light of Stephen C. Cook's recent sale of Primoris Services Corp (NASDAQ:PRIM) shares, it's worth examining some key financial metrics and insights provided by InvestingPro. The company's market capitalization stands at $4.19 billion, reflecting its substantial presence in the construction sector.
Primoris has demonstrated strong financial performance, with revenue growth of 11.07% over the last twelve months as of Q3 2024, reaching $6.14 billion. This growth is complemented by an impressive EBITDA growth of 13.83% over the same period, indicating improved operational efficiency.
InvestingPro Tips highlight that Primoris has maintained dividend payments for 17 consecutive years, showcasing its commitment to shareholder returns. The company's dividend yield is currently 0.41%, with a notable dividend growth of 33.33% in the last twelve months.
The stock's performance has been particularly robust, with a 148.26% total return over the past year and a 52.61% return in the last six months. This aligns with the InvestingPro Tip indicating a "high return over the last year" and "strong return over the last three months."
However, investors should note that the RSI suggests the stock may be in overbought territory, which could be relevant to Cook's decision to sell shares. Additionally, while Primoris operates with a moderate level of debt, it suffers from weak gross profit margins, currently at 11.0%.
For those interested in a more comprehensive analysis, InvestingPro offers 12 additional tips for Primoris Services Corp, providing deeper insights into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.