Primoris Services (NASDAQ:PRIM) Now Covered by Janney Montgomery Scott

Janney Montgomery Scott began coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report report published on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $102.00 price target on the construction company’s stock.

A number of other analysts have also recently commented on PRIM. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. Guggenheim reissued a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. KeyCorp boosted their price objective on shares of Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Finally, Piper Sandler upped their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $87.56.

Primoris Services Stock Performance

Shares of PRIM stock opened at $84.74 on Thursday. 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 firm has a market cap of $4.58 billion, a price-to-earnings ratio of 28.06 and a beta of 1.37. Primoris Services has a 52 week low of $45.92 and a 52 week high of $90.86. The firm’s 50-day simple moving average is $72.70 and its two-hundred day simple moving average is $70.94.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the firm posted $0.47 EPS. Primoris Services’s revenue was up 16.7% on a year-over-year basis. As a group, equities analysts forecast that Primoris Services will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.08 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.38%. Primoris Services’s dividend payout ratio (DPR) is presently 8.47%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PRIM. Versant Capital Management Inc grew its holdings in shares of Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after purchasing an additional 347 shares during the last quarter. Brooklyn Investment Group boosted its position in Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after buying an additional 544 shares during the period. NewEdge Advisors LLC boosted its position in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after buying an additional 194 shares during the period. Farther Finance Advisors LLC grew its holdings in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares during the last quarter. Finally, Sound Income Strategies LLC bought a new stake in Primoris Services in the 1st quarter worth $45,000. 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.