Primoris Services Corp (NASDAQ:NYSE:PRIM) director John P. Schauerman has sold 25,000 shares of the company's common stock, a transaction valued at approximately $1.35 million. The shares were sold on September 12, 2024, at prices ranging from $54.00 to $54.15 per share.
Following this transaction, Schauerman's indirect ownership of Primoris Services Corp common stock, held through a family trust, stands at 162,281 shares. The sale was executed in multiple transactions at varying prices within the stated range, and the details regarding the number of shares sold at each price can be provided upon written request.
Primoris Services Corp, known for its work in water, sewer, pipeline, communication, and power line construction, is headquartered in Dallas, Texas. The sale by Schauerman, a member of the board of directors, was reported in a recent filing with the Securities and Exchange Commission.
Investors and interested parties can access full information about the sale, including the precise number of shares sold at each price point, by reaching out to the issuer, security holders, or the SEC. The shares sold were held by the Schauerman Family Trust, established by John P. Schauerman and Claudia H. Schauerman on August 12, 2010.
This transaction comes as part of standard disclosures required by company insiders, providing transparency into the trading activities of senior executives and directors. The remaining holdings of John P. Schauerman in Primoris Services Corp signify his continued investment in the company's future.
In other recent news, Premier PV, a subsidiary of Primoris Services Corporation, has announced a significant milestone with its backlog of orders surpassing $55 million. This development is attributed to the company's skilled team and robust client relationships. Premier PV's Vice President of Operations, Ryan Schofield, expressed gratitude towards the company's partners and clients for their trust and collaboration. The company, known for its commitment to environmental responsibility, has produced over ten gigawatts of electrical balance of systems (eBOS) products from its ISO9001 certified facility.
Stephen Jones, President of Primoris' Renewables business, emphasized Premier PV's role in driving innovation in the renewable energy sector. The company's success is part of Primoris' broader strategy to offer infrastructure services across the utility, energy, and renewables markets. Despite the optimism, the company also cautions that forward-looking statements involve risks and uncertainties that may affect actual results. Premier PV continues to focus on delivering high-quality products and services while exploring new market opportunities.
InvestingPro Insights
Primoris Services Corp (NASDAQ: PRIM) has recently seen notable movements in its stock performance and financial metrics, which may be of interest to investors following the recent insider transaction. According to InvestingPro data, Primoris Services Corp has a market capitalization of $2.93 billion and is trading at a P/E ratio of 18.8, which is considered low relative to its near-term earnings growth. The company's adjusted P/E ratio for the last twelve months as of Q2 2024 stands at 18.5, indicating a consistent valuation over the recent period.
Investors may also find the company's recent price performance compelling. Primoris Services Corp has experienced a significant return over the last week, with a 12.07% total return, contributing to a high return over the last year, at 64.89%. This suggests a strong bullish trend in the stock's recent trading history.
Moreover, Primoris Services Corp has demonstrated a commitment to returning value to shareholders, maintaining dividend payments for 17 consecutive years. The dividend yield as of the latest data point is 0.44%, with the last dividend's ex-date being June 28, 2024.
For those looking to delve deeper into the company's financial health and stock performance, InvestingPro offers additional insights. There are currently 8 more InvestingPro Tips available for Primoris Services Corp, which can be accessed at https://www.investing.com/pro/PRIM. These tips provide a more comprehensive analysis of the company's financials, stock valuation, and predictions from analysts, which may be especially relevant for investors considering the backdrop of insider trading activity.
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