Primoris Services (NASDAQ:PRIM) Trading Up 5% – Time to Buy?

Primoris Services Co. (NASDAQ:PRIM)’s stock price traded up 5% on Thursday . The stock traded as high as $81.81 and last traded at $81.80. 30,365 shares were traded during mid-day trading, a decline of 95% from the average session volume of 582,102 shares. The stock had previously closed at $77.88.

Analyst Ratings Changes

Several brokerages have commented on PRIM. UBS Group boosted their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. 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 report on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. Finally, DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and a consensus target price of $86.00.

Primoris Services Price Performance

The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $73.89 and a 200 day simple moving average of $60.76. The stock has a market capitalization of $4.27 billion, a P/E ratio of 26.31 and a beta of 1.12.

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

Primoris Services Increases Dividend

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

Insider Buying and Selling at Primoris Services

In related news, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the sale, the director now directly owns 7,908 shares in the company, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was 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 owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,018 shares of company stock valued at $1,854,974. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently modified their holdings of PRIM. Marshall Wace LLP purchased a new position in Primoris Services during the second quarter valued at approximately $28,089,000. Summit Partners Public Asset Management LLC boosted its holdings in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares during the period. Victory Capital Management Inc. grew its position in shares of Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after purchasing an additional 327,412 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock worth $14,343,000 after purchasing an additional 208,920 shares during the period. Finally, Decade Renewable Partners LP purchased a new stake in shares of Primoris Services in the second quarter worth $9,584,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Company Profile

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.