SoFi CEO enters prepaid forward contract on 1.5 million shares
Primoris Services Corp (NASDAQ:NYSE:PRIM) President and CEO Thomas Edward McCormick (NYSE:MKC) recently executed significant stock transactions, according to a recent SEC filing. McCormick sold a total of 61,390 shares of Primoris Services common stock on March 17, 2025, generating approximately $3.94 million. The shares were sold at prices ranging from $64.04 to $64.55 per share. The transaction comes as the company’s stock has shown remarkable strength, delivering a 63% return over the past year, according to InvestingPro data.
After these transactions, McCormick holds 46,796 shares of the company. The sales were conducted in multiple transactions, with detailed pricing available upon request to the issuer or the SEC. These transactions are part of routine disclosures required for corporate executives, providing transparency to investors about insider activities. InvestingPro analysis indicates the company maintains a GOOD financial health score, with analyst price targets ranging from $73 to $110 per share. For deeper insights into PRIM’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Primoris Services Corporation reported impressive financial results for the fourth quarter of 2024, with earnings per share (EPS) of $1.13, significantly surpassing the forecast of $0.75. The company also saw a 15% year-over-year increase in revenue, reaching $1.7 billion, and recorded an operating cash flow of $508 million. Additionally, Primoris reduced its debt by $168.9 million, lowering its gross debt to trailing twelve months EBITDA ratio to 1.7x. The total backlog of projects grew by 9% to $11.9 billion, reflecting strong demand in sectors such as renewables and power delivery.
In leadership changes, David King has been appointed as the Interim President and CEO, replacing Tom McCormick, with Jeremy Kinch promoted to Chief Operating Officer. Jefferies initiated coverage on Primoris stock with a Buy rating, setting a price target of $73, while KeyBanc Capital Markets adjusted its price target to $90 from $96, maintaining an Overweight rating. DA Davidson also maintained a Buy rating with an $85 price target, citing strong cash flow and profit margins.
These developments reflect Primoris’s strategic positioning in key growth markets and its ability to capitalize on increasing customer spending in renewables and energy infrastructure. The company’s guidance for 2025 suggests continued growth, with EPS expected between $3.70 and $3.90, and adjusted EPS between $4.20 and $4.40. Analysts from firms like KeyBanc and Jefferies have expressed confidence in Primoris’s operational execution and financial health, highlighting its potential for sustained growth.
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