UBS Group Forecasts Strong Price Appreciation for Primoris Services (NASDAQ:PRIM) Stock

Primoris Services (NASDAQ:PRIM) had its price target hoisted by UBS Group from $75.00 to $100.00 in a research report released on Thursday,Benzinga reports. UBS Group currently has a buy rating on the construction company’s stock.

Other analysts have also issued research reports about the stock. DA Davidson lifted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. Finally, The Goldman Sachs Group upped their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.50.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded down $0.14 during midday trading on Thursday, reaching $78.77. 80,693 shares of the company traded hands, compared to its average volume of 581,838. The firm has a market cap of $4.23 billion, a PE ratio of 22.12 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock’s 50-day simple moving average is $62.23 and its 200-day simple moving average is $55.69. Primoris Services has a 12 month low of $29.14 and a 12 month high of $83.40.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the firm earned $1.02 earnings per share. The business’s revenue was up 7.8% on a year-over-year basis. As a group, equities analysts anticipate that Primoris Services will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. Primoris Services’s payout ratio is presently 7.95%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the sale, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. The trade was a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Insiders have sold 56,391 shares of company stock worth $3,227,734 in the last 90 days. Insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. grew its holdings 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 acquiring an additional 197 shares during the period. CWM LLC raised 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 valued at $55,000 after acquiring an additional 220 shares during the period. Arizona State Retirement System raised its stake in Primoris Services by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after purchasing an additional 294 shares during the period. KBC Group NV boosted its position in shares of Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after acquiring an additional 399 shares during the last quarter. Finally, EntryPoint Capital LLC boosted its stake in Primoris Services by 16.2% during the first quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock valued at $157,000 after buying an additional 513 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

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.