Primoris Services (NASDAQ:PRIM) Sets New 12-Month High – Still a Buy?

Shares of Primoris Services Co. (NASDAQ:PRIM) reached a new 52-week high on Tuesday . The stock traded as high as $164.38 and last traded at $162.2050, with a volume of 804695 shares. The stock had previously closed at $160.54.

Analyst Upgrades and Downgrades

PRIM has been the topic of a number of research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $161.00 price target on shares of Primoris Services in a research report on Wednesday, November 5th. Wells Fargo & Company assumed coverage on Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 target price for the company. DA Davidson lifted their price target on shares of Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Needham & Company LLC reiterated a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. Finally, Cantor Fitzgerald assumed coverage on shares of Primoris Services in a report on Friday, January 23rd. They set a “neutral” rating and a $160.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $144.93.

Primoris Services Stock Performance

The stock’s 50-day moving average price is $136.93 and its 200 day moving average price is $128.00. The firm has a market cap of $8.76 billion, a P/E ratio of 53.71 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the transaction, the director owned 74,466 shares of the company’s stock, valued at $10,127,376. The trade was a 9.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $135.14, for a total value of $281,361.48. Following the sale, the director owned 21,530 shares in the company, valued at approximately $2,909,564.20. This represents a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Primoris Services

A number of institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. lifted its stake in Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock valued at $29,000 after acquiring an additional 148 shares during the last quarter. Harbour Investments Inc. acquired a new position in shares of Primoris Services during the 4th quarter worth about $33,000. Osterweis Capital Management Inc. bought a new stake in shares of Primoris Services in the 2nd quarter valued at about $34,000. Blue Bell Private Wealth Management LLC acquired a new stake in Primoris Services in the 3rd quarter valued at about $37,000. Finally, Cullen Frost Bankers Inc. bought a new position in Primoris Services during the third quarter worth about $37,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.