Primoris Services (NYSE:PRIM) Corp CEO and President Thomas Edward McCormick (NYSE:MKC) has sold 10,000 shares of the company's common stock for a total value of $494,669, according to a recent SEC filing. The transactions took place on May 10, 2024, with share prices ranging from $49.39 to $49.72. Following the sale, McCormick's holdings in the company amount to 60,961 shares.
The sale was executed in multiple transactions, as detailed in the SEC Form 4 filing, which provides insight into the trading activities of the company's insiders. The specific prices per share for these transactions varied, but the average price per share for the sale was $49.4669.
Primoris Services Corp, listed as NASDAQ:PRIM, operates in the construction industry, specifically focusing on water, sewer, pipeline, and power line construction. The company, incorporated in Delaware, has its headquarters in Dallas, Texas.
The SEC filing, which was signed by Kenneth M. Dodgen on behalf of McCormick on May 13, 2024, also included a footnote stating the seller's willingness to provide further details regarding the number of shares sold at each separate price within the reported range upon written request.
Investors often monitor insider transactions as they can provide valuable insights into executives' perspectives on the company's current valuation and future prospects. The sale by McCormick represents a significant transaction by a key member of Primoris Services Corp's leadership team.
InvestingPro Insights
Primoris Services Corp's recent insider trading activity comes at a time when the company's stock has shown a remarkable performance. According to InvestingPro data, Primoris Services Corp has seen a strong return over the last year, with a 105.59% increase. This is complemented by a solid three-month price total return of 36.61%, indicating robust short-term gains.
On the financial front, Primoris Services Corp boasts a market capitalization of $2.65 billion and a P/E ratio of 18.48, adjusted to 17.88 over the last twelve months as of Q1 2024. The company's revenue growth is also impressive, having grown by 19.99% over the same period, signaling strong business performance.
Two InvestingPro Tips that stand out for investors considering Primoris Services Corp are the upward earnings revisions by analysts for the upcoming period and the company's ability to maintain dividend payments for 17 consecutive years. These factors suggest confidence in the company's financial stability and growth prospects. Investors seeking additional insights can find more tips on InvestingPro, including the fact that Primoris Services Corp is trading at a high P/E ratio relative to near-term earnings growth, which might be a point of consideration for valuation-sensitive investors.
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