Primoris Services (NASDAQ:PRIM) Reaches New 1-Year High at $41.99

Primoris Services Co. (NASDAQ:PRIM)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $41.99 and last traded at $41.70, with a volume of 103696 shares changing hands. The stock had previously closed at $41.14.

Analyst Ratings Changes

A number of research analysts recently commented on PRIM shares. The Goldman Sachs Group increased their price target on shares of Primoris Services from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. DA Davidson increased their price target on shares of Primoris Services from $40.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Finally, StockNews.com downgraded shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th.

Primoris Services Trading Up 1.4 %

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. The firm has a market cap of $2.28 billion, a P/E ratio of 14.74 and a beta of 1.18. The company’s 50 day simple moving average is $38.03 and its 200-day simple moving average is $33.91.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.21. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.55 billion. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 earnings per share. As a group, research analysts predict that Primoris Services Co. will post 2.61 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Wednesday, March 27th. Primoris Services’s dividend payout ratio is presently 10.34%.

Insider Activity

In other news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief accounting officer now owns 9,068 shares of the company’s stock, valued at $362,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief accounting officer now owns 9,068 shares of the company’s stock, valued at $362,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Lee King sold 2,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total transaction of $101,725.00. Following the sale, the director now directly owns 29,217 shares of the company’s stock, valued at approximately $1,188,839.73. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,000 shares of company stock valued at $2,040,125. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Several institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd purchased a new position in Primoris Services during the fourth quarter valued at approximately $805,000. Goldman Sachs Group Inc. increased its holdings in Primoris Services by 122.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company’s stock valued at $17,395,000 after buying an additional 288,651 shares during the period. GSA Capital Partners LLP purchased a new position in Primoris Services during the fourth quarter valued at approximately $653,000. Mercer Global Advisors Inc. ADV increased its holdings in Primoris Services by 3.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 78,920 shares of the construction company’s stock valued at $2,621,000 after buying an additional 2,638 shares during the period. Finally, Legal & General Group Plc increased its holdings in Primoris Services by 3.7% during the fourth quarter. Legal & General Group Plc now owns 53,709 shares of the construction company’s stock valued at $1,784,000 after buying an additional 1,934 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.