Primoris Services (NASDAQ:PRIM) Sets New 12-Month High – What’s Next?

Primoris Services Co. (NASDAQ:PRIM) hit a new 52-week high on Thursday . The company traded as high as $83.45 and last traded at $83.42, with a volume of 129381 shares. The stock had previously closed at $80.42.

Analysts Set New Price Targets

PRIM has been the topic of a number of recent analyst reports. DA Davidson lifted their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, The Goldman Sachs Group increased their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $83.50.

Primoris Services Stock Performance

The company has a 50-day moving average price of $65.21 and a two-hundred day moving average price of $56.86. The stock has a market capitalization of $4.46 billion, a P/E ratio of 23.26 and a beta of 1.05. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for 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%. Primoris Services’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.02 earnings per share. Equities analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s payout ratio is 7.95%.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the transaction, the director now owns 7,908 shares of the company’s stock, valued at $621,015.24. The trade was a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,409 shares of company stock worth $4,762,468 in the last three months. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Primoris Services

A number of large investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System grew its position in shares of Primoris Services by 26.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock worth $813,000 after purchasing an additional 3,940 shares in the last quarter. Advisors Asset Management Inc. increased its position in Primoris Services by 8.4% during the first quarter. Advisors Asset Management Inc. now owns 82,745 shares of the construction company’s stock valued at $3,522,000 after acquiring an additional 6,437 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Primoris Services by 3.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company’s stock worth $2,953,000 after purchasing an additional 2,391 shares during the period. Morse Asset Management Inc purchased a new position in Primoris Services during the 1st quarter valued at $349,000. Finally, Janus Henderson Group PLC lifted its holdings in Primoris Services by 185.7% during the 1st quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after buying an additional 42,112 shares in the last quarter. 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.