Primoris Services Co. (NASDAQ:PRIM) Receives Average Recommendation of “Buy” from Brokerages

Primoris Services Co. (NASDAQ:PRIM) has earned an average recommendation of “Buy” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $88.67.

PRIM has been the subject of several recent analyst reports. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Guggenheim assumed coverage on Primoris Services in a research report on Wednesday. They set a “buy” rating and a $102.00 target price for the company. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. Finally, DA Davidson lifted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th.

Insider Buying and Selling

In related news, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the transaction, the director now owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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 $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,018 shares of company stock valued at $1,854,974. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Several large investors have recently added to or reduced their stakes in PRIM. Quest Partners LLC boosted its position in shares of Primoris Services by 1,945.8% during the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after acquiring an additional 15,450 shares during the last quarter. Benjamin Edwards Inc. lifted its position in Primoris Services by 40,543.8% during the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock valued at $378,000 after purchasing an additional 6,487 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in Primoris Services by 74.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock worth $2,708,000 after buying an additional 23,200 shares in the last quarter. Morse Asset Management Inc increased its holdings in shares of Primoris Services by 112.9% in the 2nd quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company’s stock worth $871,000 after buying an additional 9,255 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its position in shares of Primoris Services by 13.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company’s stock valued at $4,859,000 after buying an additional 11,488 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $77.63 on Friday. Primoris Services has a 1-year low of $32.01 and a 1-year high of $84.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $4.17 billion, a PE ratio of 25.71 and a beta of 1.14. The stock’s fifty day simple moving average is $79.87 and its two-hundred day simple moving average is $63.90.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results 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 business 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%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 earnings per share. As a group, analysts forecast that Primoris Services will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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 0.41%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s payout ratio is currently 10.60%.

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.