In a recent transaction, John P. Schauerman, a director of Primoris Services Corp (NASDAQ:NYSE:PRIM), sold 25,000 shares of the company's common stock, resulting in a total sale value of approximately $1.48 million. The shares were sold at prices ranging from $59.25 to $59.32, with an average price of $59.2533 per share.
The transaction took place on September 19, 2024, and was reported in a Form 4 filing with the Securities and Exchange Commission the following day. Following the sale, Schauerman continues to hold 137,281 shares of Primoris Services Corp, which are owned indirectly by the Schauerman Family Trust, as indicated by the footnotes in the filing.
Primoris Services Corp, a specialized construction and infrastructure company, has seen its stock perform in line with the overall market trends and sector performance. Insider transactions such as Schauerman's are closely watched by investors for insights into executive confidence and potential future performance of the company.
The sale represents a notable transaction by a member of the company's board and provides the market with information about insider activity at Primoris Services Corp. Investors often consider such sales when evaluating their positions in a company, along with other financial data and market indicators.
It is important to note that the reasons for Schauerman's sale have not been disclosed, and such transactions are a routine part of executive financial planning and diversification strategies. The remaining holdings of Schauerman in Primoris Services Corp indicate a continued vested interest in the company's success and performance.
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. This achievement is attributed to the company's skilled team and its strong client relationships. Premier PV, known for its expertise in electrical balance of systems (eBOS) solutions for utility-scale solar, battery energy storage systems, and operations and maintenance markets, has been experiencing substantial growth.
The company's leadership team, with over 55 years of combined industry experience, is dedicated to innovation and reducing the total cost of ownership for its clients. Stephen Jones, President of Primoris' Renewables business, emphasized Premier PV's role in driving innovation in the rapidly evolving renewable energy sector.
Premier PV continues to focus on delivering high-quality products and services while exploring new market opportunities. The company aims to contribute to a sustainable energy future through its innovative solutions and industry expertise. However, while optimistic about its future performance, the company cautions that forward-looking statements involve risks and uncertainties.
InvestingPro Insights
Primoris Services Corp (NASDAQ:PRIM) has recently captured the attention of investors, not just due to insider transactions, but also because of its notable stock performance and financial metrics. An analysis of Primoris Services Corp's stock reveals a significant return over the last week, with a price total return of 8.28%. This short-term increase is part of a broader trend, as the company has also experienced a substantial 75.54% return over the past year, trading near its 52-week high, at 98.09% of the peak value.
On the financial front, Primoris Services Corp's market capitalization stands at approximately $3.18 billion, reflecting its position in the market. Investors looking at the company's valuation metrics will find a P/E ratio of 20.62, which is relatively low when paired with the company's near-term earnings growth. This suggests that the stock may be undervalued based on its earnings potential. Additionally, the company has a PEG ratio of 0.92, indicating that it may be priced attractively relative to its expected growth rates.
InvestingPro Tips highlight that Primoris Services Corp has maintained dividend payments for 17 consecutive years, underscoring a commitment to shareholder returns. Moreover, analysts predict the company will be profitable this year, which is corroborated by the company being profitable over the last twelve months. For investors seeking further insights, there are additional InvestingPro Tips available at InvestingPro, providing a deeper dive into the company's performance and potential.
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