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

Shares of Primoris Services Co. (NASDAQ:PRIM) have been given a consensus rating of “Moderate Buy” by the eight brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $85.75.

PRIM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective for the company. DA Davidson reaffirmed a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp increased their price objective on Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Finally, Guggenheim reaffirmed a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th.

Primoris Services Stock Up 0.1%

Shares of Primoris Services stock opened at $76.61 on Friday. Primoris Services has a 12-month low of $45.92 and a 12-month high of $90.86. The firm has a market capitalization of $4.14 billion, a PE ratio of 25.37 and a beta of 1.33. 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 stock’s fifty day moving average is $61.40 and its 200-day moving average is $71.71.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share. Equities analysts anticipate that Primoris Services will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio is currently 8.47%.

Insider Activity at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares in the company, valued at $501,636. This trade represents a 11.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock worth $4,310,043. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its position in shares of Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after purchasing an additional 381,284 shares in the last quarter. QRG Capital Management Inc. increased its holdings in shares of Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after buying an additional 4,623 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock worth $3,514,000 after acquiring an additional 19,530 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after purchasing an additional 22,223 shares in the last quarter. Finally, AMI Asset Management Corp raised its position in Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after purchasing an additional 6,350 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.