Canopy Growth stock tumbles after announcing $200 million share sale plan
Stephen Cook, a director at Primoris Services Corp (NASDAQ:NYSE:PRIM), recently sold 998 shares of the company’s common stock. The transaction, which took place on March 4, 2025, was executed at a price of $68 per share, amounting to a total sale value of approximately $67,864. Following this sale, Cook holds 7,377 shares in the company. According to InvestingPro data, PRIM stock has delivered an impressive 72% return over the past year, despite recent market volatility. Primoris Services Corp is based in Dallas, Texas, and operates in the construction industry, focusing on water, sewer, pipeline, communication, and power line construction. The company maintains a healthy financial position with a moderate debt level and analysts have set price targets ranging from $78 to $110. InvestingPro analysis reveals 12 additional key insights about PRIM’s financial health and growth prospects, available in the comprehensive Pro Research Report.
In other recent news, Primoris Services Corporation announced financial results for the fourth quarter and full year of 2024, surpassing analyst expectations. The company reported an adjusted earnings per share (EPS) of $1.13, significantly exceeding both DA Davidson’s estimate of $0.75 and the consensus. Revenue increased by 15% year-over-year to $1.7 billion, outperforming forecasts from DA Davidson and consensus figures. Primoris Services also achieved a record operating cash flow of $508 million, highlighting its strong financial performance.
KeyBanc Capital Markets adjusted its price target for Primoris Services, lowering it from $96 to $90 while maintaining an Overweight rating. This adjustment reflects a change in the applied multiple rather than a shift in the company’s fundamental outlook. Analysts at KeyBanc remain optimistic about Primoris’s growth prospects, particularly in sectors such as renewables, power delivery, and communications. DA Davidson maintained its Buy rating and $85 price target, emphasizing the company’s impressive cash flow and profit margins.
Primoris Services demonstrated prudent financial management by reducing its debt by $168.9 million, resulting in a gross debt to trailing twelve months (TTM) EBITDA ratio of 1.7x. The company’s total backlog increased by 9% to $11.9 billion, driven by strong bookings in the Energy segment, particularly in renewables and industrial construction. The Utilities segment saw a 15% year-over-year revenue increase, with gross margins improving by 470 basis points to 12.1%, attributed to contributions from gas, communications, and power operations.
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