Primoris Services Co. (NASDAQ:PRIM) Given Average Rating of “Buy” by Analysts

Primoris Services Co. (NASDAQ:PRIM) has received a consensus rating of “Buy” from the six research firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $88.67.

Several equities analysts have issued reports on the stock. DA Davidson upped their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. Guggenheim assumed coverage on Primoris Services in a research report on Wednesday. They set a “buy” rating and a $102.00 price objective for the company. Finally, KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock.

Insiders Place Their Bets

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the sale, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,018 shares of company stock worth $1,854,974. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its holdings in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after purchasing an additional 584 shares in the last quarter. Blue Trust Inc. lifted its stake 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 valued at $53,000 after buying an additional 197 shares in the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services during the third quarter valued at about $59,000. TD Private Client Wealth LLC increased its position in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Primoris Services by 37.5% in the 3rd quarter. CWM LLC now owns 1,506 shares of the construction company’s stock worth $87,000 after acquiring an additional 411 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Down 1.6 %

Shares of PRIM opened at $77.63 on Friday. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 25.71 and a beta of 1.14. Primoris Services has a 52 week low of $32.01 and a 52 week high of $84.97. 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 has a fifty day moving average of $79.87 and a 200-day moving average of $63.90.

Primoris Services (NASDAQ:PRIM) last announced 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. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the firm posted $1.02 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Primoris Services will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently declared 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. The ex-dividend date is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.41%. Primoris Services’s payout ratio is 10.60%.

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.