Primoris Services Co. (NASDAQ:PRIM) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Primoris Services Co. (NASDAQ:PRIM) have received a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $86.00.

Several equities research analysts have issued reports on PRIM shares. UBS Group raised their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group boosted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. KeyCorp began coverage on shares of Primoris Services in a report on Wednesday. They issued an “overweight” rating and a $96.00 price objective for the company. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. Finally, DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on 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 transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. This represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,409 shares of company stock valued at $4,930,428. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primoris Services

Several hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in 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 acquiring an additional 197 shares during the last quarter. CWM LLC boosted 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 worth $55,000 after buying an additional 220 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in 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 buying an additional 230 shares during the last quarter. Arizona State Retirement System boosted its holdings 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 buying an additional 294 shares during the last quarter. Finally, Virtue Capital Management LLC boosted its holdings in Primoris Services by 2.1% during the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after buying an additional 342 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Up 3.0 %

Shares of NASDAQ:PRIM traded up $2.35 during trading hours on Wednesday, reaching $79.89. The stock had a trading volume of 39,943 shares, compared to its average volume of 579,679. The firm’s 50 day moving average is $71.77 and its 200-day moving average is $59.86. Primoris Services has a 1 year low of $30.94 and a 1 year 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 market capitalization of $4.29 billion, a price-to-earnings ratio of 26.45 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $1.02 EPS. Research analysts predict that Primoris Services will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders 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 represents a $0.32 dividend on an annualized basis and a yield of 0.40%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is presently 7.95%.

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.