Primoris Services Corp (NASDAQ:NYSE:PRIM) Chief Legal and Administrative Officer John M. Perisich sold 4,391 shares of the company's stock on September 13, 2024, according to a recent SEC filing. The stock was sold at prices ranging from $55.08 to $55.49 per share, totaling 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 of the filing, the shares currently held by the trust amount to 145,214 common stock shares. The trust is dated July 11, 2007, and Perisich serves as the trustee, emphasizing his continued vested interest in the company's performance.
Primoris Services Corp, which operates in the water, sewer, pipeline, and power line construction industry, has its shares publicly traded under the ticker symbol PRIM on the NASDAQ exchange. This recent transaction provides insight into the trading activities of one of the company's top executives, offering investors a glimpse into insider stock movements.
The SEC filing did not disclose the specific reasons for the sale, which is standard practice for such documents. However, the details provided do ensure transparency in the dealings of corporate insiders, allowing investors to stay informed about significant trades that could potentially influence their investment decisions.
In other recent news, Premier PV, a subsidiary of Primoris Services Corporation, has reported a significant milestone with its backlog of orders surpassing $55 million. The company attributes this accomplishment to its proficient team and robust client relationships. Premier PV, known for its electrical balance of systems (eBOS) solutions for utility-scale solar and battery energy storage systems, has shown considerable growth.
The company's leadership, with over 55 years of combined industry experience, is committed to innovation and reducing the total cost of ownership for its clients. Premier PV has produced over ten gigawatts of eBOS products from its ISO9001 certified facility, underlining its dedication to environmental responsibility through sustainable packaging practices to minimize on-site waste.
These are the recent developments in a company that is part of Primoris' broader strategy to provide critical infrastructure services across the utility, energy, and renewables markets. While Premier PV continues to focus on delivering high-quality products and services, the company also acknowledges 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 a robust financial performance in recent times, as reflected in key metrics from InvestingPro. With a market capitalization of $2.94 billion, the company shows a potential for stability and growth. A notable InvestingPro Tip highlights that Primoris is trading at a low P/E ratio of 18.87 relative to its near-term earnings growth, suggesting that the stock could be undervalued given its earnings prospects.
Investors may also find encouragement in the company's significant return over the last week, with a 12.35% price total return, signaling strong recent performance in the stock market. This aligns with the company's impressive long-term performance, with a 67.1% return over the last year, indicating sustained investor confidence. Additionally, Primoris has maintained dividend payments for 17 consecutive years, which could be appealing for income-focused investors, reflecting a commitment to shareholder returns.
In terms of profitability, analysts predict Primoris will be profitable this year, and the company has already been profitable over the last twelve months. This is further substantiated by a revenue growth of 13.97% over the last twelve months as of Q2 2024, showing business expansion. However, it's important to note that the company suffers from weak gross profit margins, currently at 10.8%, which could be a point of concern for investors looking at operational efficiency.
For more insights and additional InvestingPro Tips related to Primoris Services Corp, investors can visit https://www.investing.com/pro/PRIM. There are 9 more InvestingPro Tips available on the platform, offering a comprehensive view of the company's financial health and investment potential.
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