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

Primoris Services Co. (NASDAQ:PRIM) has received a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $85.75.

PRIM has been the topic of several analyst reports. Piper Sandler lifted their price target on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Guggenheim reiterated a “buy” rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. KeyCorp lifted their price target on Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. lifted their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Finally, DA Davidson reiterated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction 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. This represents a 56.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by insiders.

Institutional Trading of Primoris Services

Institutional investors and hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc grew its position in shares of Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after buying an additional 347 shares in the last quarter. Brooklyn Investment Group grew its position in shares of Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after buying an additional 544 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after buying an additional 194 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after buying an additional 746 shares in the last quarter. Finally, Sound Income Strategies LLC acquired a new position in shares of Primoris Services during the first quarter worth about $45,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Up 3.2%

Shares of PRIM opened at $76.05 on Wednesday. Primoris Services has a 52-week low of $45.92 and a 52-week high of $90.86. 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 firm’s fifty day moving average is $65.00 and its two-hundred day moving average is $71.51. The stock has a market cap of $4.11 billion, a PE ratio of 25.18 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company posted $0.47 EPS. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. Research analysts forecast that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.42%. Primoris Services’s dividend payout ratio (DPR) is currently 8.47%.

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.