Primoris Services Corp (NASDAQ:NYSE:PRIM) director King David Lee has sold a portion of his holdings in the company. The transaction, which took place on March 13, 2024, involved the sale of 2,500 shares of common stock at an average price of approximately $40.69 per share, totaling over $101,714.
Investors tracking insider activity may note that this sale occurred through multiple transactions at prices ranging from $40.66 to $40.72. After this sale, Lee's direct ownership in Primoris Services stands at 29,217 shares.
Primoris Services Corp, with its headquarters in Dallas, Texas, operates in the water, sewer, pipeline, and power line construction industry. The company's stock is publicly traded, and such insider transactions are often looked at closely for indications of executive confidence in the company's prospects.
As per the SEC filing, the company has committed to providing additional details regarding the exact number of shares sold at each price point within the stated range upon request. This transparency is a standard requirement and offers additional information for investors interested in the specifics of the transaction.
For those following Primoris Services Corp, this latest move by a company director may be of interest as they assess their investment strategy concerning the company's stock.
InvestingPro Insights
Primoris Services Corp (NASDAQ:PRIM) director King David Lee's recent sale of shares has caught the attention of investors, signaling a moment to delve deeper into the company's financial health and performance. With real-time data from InvestingPro, we can glean more insights into Primoris Services Corp's current market position.
InvestingPro Data shows that Primoris Services Corp has a market capitalization of $2.14 billion and is performing well in terms of revenue, with the last twelve months as of Q4 2023 showing a significant revenue growth of 29.29%. The company's gross profit margin stands at 10.28%, which, while modest, is indicative of the competitive nature of the construction industry.
Two notable InvestingPro Tips for investors considering Primoris Services Corp are its strong return over the last year, with a price total return of 57.67%, and the fact that it has maintained dividend payments for 17 consecutive years, showcasing a reliable track record for returning value to shareholders. The company's dividend yield is currently at 0.6%, with the next earnings date set for May 7, 2024.
For investors looking for a more comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/PRIM. These tips can provide deeper insights into Primoris Services Corp's financial health and future prospects. Interested investors can also take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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