Primoris Services Corp (NASDAQ:NYSE:PRIM), a specialized construction and infrastructure company, reported that its director, John P. Schauerman, sold a significant amount of company stock recently, according to a new SEC filing. Schauerman offloaded a total of 15,000 shares in two separate transactions, valued at over $795,000.
On May 22, 2024, Schauerman sold 10,000 shares at prices ranging from $52.90 to $53.02. The following day, he sold an additional 5,000 shares with prices between $53.20 and $53.23. These transactions resulted in a total sale amounting to approximately $795,106. It's notable that the sales were conducted indirectly through a trust, specifically the Schauerman Family Trust.
Investors often monitor insider transactions like these for insights into the perspectives of company executives and directors regarding their firm's stock. While the reasons for Schauerman's stock sale are not disclosed, the transactions were made public through the mandatory filings with the SEC.
Following these transactions, the SEC filing revealed that Schauerman still has a substantial holding in Primoris Services Corp, owning 187,281 shares indirectly through the trust. This indicates that despite the sale, he maintains a significant investment in the company.
Primoris Services Corp has not released any official statement regarding these transactions, and as is standard with SEC filings, the reported trades are a matter of public record without further comment on the motivations behind them. Investors and analysts might consider these insider transactions as one of many factors in their assessment of the company's stock and overall performance.
InvestingPro Insights
As investors digest the news of insider transactions within Primoris Services Corp (NASDAQ:PRIM), real-time data from InvestingPro provides additional context that may influence their evaluation of the company's stock. With a market capitalization of $2.86 billion and an adjusted price-to-earnings (P/E) ratio of 19.34 for the last twelve months as of Q1 2024, Primoris stands as a significant player in the construction and infrastructure sector. A noteworthy InvestingPro Tip indicates that analysts have recently revised their earnings expectations upwards for the upcoming period, suggesting potential optimism about the company's financial prospects.
Another critical metric for investors to consider is the company's revenue growth, which has been robust at 19.99% over the last twelve months as of Q1 2024. This is complemented by a solid gross profit margin of 10.58% in the same period, despite an InvestingPro Tip highlighting weak gross profit margins, which could be an area for potential improvement. Additionally, Primoris Services Corp has demonstrated a compelling performance with a 1-year price total return of 97.81%, trading near its 52-week high and reflecting a price 99.46% of that peak.
For those seeking to delve deeper into the financial health and future potential of Primoris Services Corp, there are additional InvestingPro Tips available, including insights into the company's dividend consistency and long-term returns. With a total of 13 additional tips listed on InvestingPro, investors can further their analysis using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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