Primoris Services (NASDAQ:PRIM) Hits New 12-Month High – Should You Buy?

Primoris Services Co. (NASDAQ:PRIM)’s share price reached a new 52-week high on Wednesday . The company traded as high as $64.37 and last traded at $64.20, with a volume of 43273 shares traded. The stock had previously closed at $63.29.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PRIM shares. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. UBS Group upped their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and a consensus price target of $61.00.

Primoris Services Price Performance

The stock has a fifty day moving average of $57.46 and a two-hundred day moving average of $53.38. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of 22.29 and a beta of 1.07. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.80 EPS. On average, equities research analysts anticipate that Primoris Services Co. will post 3.33 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. The ex-dividend date was Friday, September 27th. Primoris Services’s dividend payout ratio (DPR) is 8.45%.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at $8,771,288.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,391 shares of company stock valued at $3,075,454. 1.30% of the stock is owned by insiders.

Institutional Trading of Primoris Services

A number of large investors have recently made changes to their positions in PRIM. Blue Trust Inc. lifted its holdings in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC lifted its stake in shares of 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 buying an additional 220 shares during the period. Arizona State Retirement System boosted its position in Primoris Services by 2.0% during the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after acquiring an additional 294 shares during the last quarter. EntryPoint Capital LLC grew its stake in Primoris Services by 16.2% in the 1st quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock worth $157,000 after acquiring an additional 513 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.