Primoris Services (NASDAQ:PRIM) Price Target Raised to $85.00

Primoris Services (NASDAQ:PRIM) had its price target increased by DA Davidson from $60.00 to $85.00 in a research report sent to investors on Wednesday,Benzinga reports. DA Davidson currently has a buy rating on the construction company’s stock.

Several other brokerages have also recently commented on PRIM. UBS Group lifted their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.25.

Primoris Services Stock Up 3.1 %

NASDAQ:PRIM traded up $2.46 during mid-day trading on Wednesday, hitting $81.64. 885,867 shares of the company’s stock traded hands, compared to its average volume of 578,514. Primoris Services has a twelve month low of $29.14 and a twelve month high of $81.71. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 1.38. The company has a market capitalization of $4.39 billion, a P/E ratio of 27.04 and a beta of 1.05. The company has a fifty day moving average of $60.01 and a 200 day moving average of $54.74.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the business earned $1.02 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, analysts forecast that Primoris Services will post 3.48 EPS for the current year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. Primoris Services’s payout ratio is presently 10.60%.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares in the company, valued at $1,965,782.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the transaction, the director now owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,391 shares of company stock valued at $3,227,734 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Several institutional investors have recently bought and sold shares of PRIM. Allspring Global Investments Holdings LLC boosted its stake in Primoris Services by 9.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,941 shares of the construction company’s stock worth $636,000 after purchasing an additional 1,236 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in Primoris Services during the first quarter worth about $204,000. LSV Asset Management grew its stake in Primoris Services by 9.9% during the 1st quarter. LSV Asset Management now owns 582,842 shares of the construction company’s stock valued at $24,812,000 after acquiring an additional 52,274 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Primoris Services in the 1st quarter valued at about $255,000. Finally, Heartland Advisors Inc. lifted its stake in Primoris Services by 14.3% in the 1st quarter. Heartland Advisors Inc. now owns 200,000 shares of the construction company’s stock worth $8,514,000 after purchasing an additional 25,000 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.