Primoris Services (NASDAQ:PRIM) Shares Gap Down – What’s Next?

Shares of Primoris Services Co. (NASDAQ:PRIM) gapped down prior to trading on Tuesday . The stock had previously closed at $79.06, but opened at $76.42. Primoris Services shares last traded at $78.48, with a volume of 49,484 shares trading hands.

Analyst Ratings Changes

PRIM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. UBS Group boosted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group lifted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, DA Davidson upped their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Primoris Services has an average rating of “Moderate Buy” and an average price target of $83.50.

Primoris Services Stock Up 2.3 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm’s 50 day moving average price is $63.43 and its two-hundred day moving average price is $56.27. The company has a market cap of $4.35 billion, a P/E ratio of 21.81 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data 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 net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the business earned $1.02 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities research analysts anticipate that Primoris Services Co. will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors 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. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 7.95%.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the sale, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares in the company, valued at approximately $621,015.24. This represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,409 shares of company stock valued at $4,762,468 over the last three months. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Large investors have recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. purchased a new stake in Primoris Services during the first quarter worth about $204,000. SG Americas Securities LLC bought a new stake in shares of Primoris Services in the 1st quarter worth approximately $255,000. ProShare Advisors LLC lifted its stake in Primoris Services by 8.5% in the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock valued at $406,000 after purchasing an additional 751 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Primoris Services by 26.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock valued at $813,000 after purchasing an additional 3,940 shares during the period. Finally, Boulder Hill Capital Management LP bought a new stake in shares of Primoris Services in the first quarter valued at $651,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

About Primoris Services

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.