Primoris Services chief accounting officer sells $368,956 in stock

Published 14/12/2024, 00:08
Primoris Services chief accounting officer sells $368,956 in stock

Travis L. Stricker, the Chief Accounting Officer of Primoris Services Corp (NASDAQ:NYSE:PRIM), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Stricker sold 4,583 shares of common stock on December 12, 2024. This transaction comes as Primoris shows strong momentum, with the stock delivering an impressive 140% return over the past year, according to InvestingPro data. The shares were sold at an average price of approximately $80.51, generating a total of $368,956. Following this transaction, Stricker retains 6,006 shares of the company. These shares were sold in multiple transactions at prices ranging from $80.44 to $80.72 per share. The stock currently trades near its 52-week high of $84.97, with InvestingPro analysis indicating the company maintains a healthy financial position with 17 consecutive years of dividend payments. For deeper insights into Primoris's valuation and 12 additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.

In other recent news, Primoris Services Corporation has been the subject of significant developments. The company reported a strong Q3 2024 performance, with record revenue surpassing $1.6 billion, marking a 7.8% increase from the previous year. This growth was largely driven by the Energy and Utilities segments, with the Energy segment experiencing a boost from solar activities and the Utilities segment seeing growth from communications projects.

KeyBanc Capital Markets initiated coverage on Primoris Services Corporation with an Overweight rating, citing the company's strong position in utility scale solar and a growing power delivery business. The firm projects a significant value creation for Primoris, estimating a 100 bps margin expansion by 2027. KeyBanc also sees potential for Primoris to become debt-free by 2027, offering flexibility in capital allocation.

In addition to these developments, Primoris Services Corporation announced plans for strategic mergers and acquisitions to support its expansion into small to mid-sized transmission projects. The company also raised its full-year EPS guidance to $2.85 to $3 per share, with adjusted EPS at $3.40 to $3.55. Despite potential seasonal slowdowns, Primoris maintains optimism for Q4 2024 and the year 2025, with a strong focus on safety, efficiency, and customer service.

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