Primoris Services Co. (NASDAQ:PRIM) Receives Average Recommendation of “Buy” from Analysts

Shares of Primoris Services Co. (NASDAQ:PRIM) have received a consensus rating of “Buy” from the five ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $86.00.

Several equities analysts have recently issued reports on the company. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. DA Davidson boosted their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. Finally, KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company.

Insiders Place Their Bets

In related news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,018 shares of company stock worth $3,336,224. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC increased its position in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC boosted its holdings in Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares during the last quarter. Millburn Ridgefield Corp bought a new position in Primoris Services in the third quarter valued at $59,000. Finally, TD Private Client Wealth LLC increased its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after buying an additional 230 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Down 1.2 %

Shares of NASDAQ:PRIM opened at $80.87 on Wednesday. Primoris Services has a 12 month low of $30.94 and a 12 month high of $84.97. The firm has a market cap of $4.34 billion, a P/E ratio of 26.78 and a beta of 1.12. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $73.48 and its two-hundred day moving average price is $60.58.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business posted $1.02 earnings per share. Primoris Services’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, research analysts forecast that Primoris Services will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.40%. The ex-dividend date is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is presently 10.60%.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.