Primoris Services Corporation (NYSE:PRIM) Stock Has Consensus Price Target of $115.53 According to Analysts

Shares of Primoris Services Corporation (NYSE:PRIM) have been given a consensus rating of “Moderate Buy” by the seventeen ratings firms that are covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $115.53.

A number of brokerages have recently weighed in on PRIM. Needham & Company LLC reduced their price target on shares of Primoris Services from $172.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, November 5th. Wall Street Zen upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Oppenheimer dropped their price objective on Primoris Services from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, November 5th. Piper Sandler reduced their target price on Primoris Services from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Monday, November 9th. Finally, Guggenheim reduced their target price on Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a report on Thursday, August 6th.

Institutional Trading of Primoris Services

A number of hedge funds and other institutional investors have recently made changes to their positions in PRIM. BlackRock Inc. bought a new position in Primoris Services during the second quarter worth $677,685,000. Wellington Management Group LLP lifted its stake in shares of Primoris Services by 148.7% during the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock worth $463,434,000 after buying an additional 2,795,887 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Primoris Services by 66.0% during the 3rd quarter. First Trust Advisors LP now owns 3,709,162 shares of the company’s stock worth $276,407,000 after buying an additional 1,474,434 shares during the period. Van Berkom & Associates Inc. boosted its holdings in shares of Primoris Services by 66.0% during the 3rd quarter. Van Berkom & Associates Inc. now owns 845,215 shares of the company’s stock worth $62,985,000 after buying an additional 336,058 shares during the period. Finally, Grandeur Peak Global Advisors LLC bought a new stake in shares of Primoris Services during the 2nd quarter worth about $3,482,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Down 3.1%

Shares of NYSE:PRIM opened at $69.36 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.48. The firm has a market cap of $3.64 billion, a P/E ratio of 39.19 and a beta of 1.44. Primoris Services has a 12 month low of $57.72 and a 12 month high of $205.50. The company’s 50-day moving average price is $74.33 and its two-hundred day moving average price is $109.36.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.39. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $2 billion. During the same quarter last year, the business earned $1.88 earnings per share. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. As a group, research analysts forecast that Primoris Services will post 1.91 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Thursday, December 31st. Primoris Services’s dividend payout ratio is 18.08%.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors. The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance. Primoris serves customers primarily in the United States and Canada.