Primoris Services (NASDAQ:PRIM) Hits New 12-Month High – What’s Next?

Primoris Services Co. (NASDAQ:PRIM) shares reached a new 52-week high on Thursday . The stock traded as high as $83.45 and last traded at $83.42, with a volume of 129381 shares changing hands. The stock had previously closed at $80.42.

Analyst Ratings Changes

Several brokerages recently issued reports on PRIM. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. DA Davidson boosted their price objective 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. UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. began coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $83.50.

Primoris Services Price Performance

The stock has a 50-day moving average price of $64.62 and a two-hundred day moving average price of $56.67. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of 27.57 and a beta of 1.05. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

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 analysts’ consensus estimates 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 analyst estimates of $1.58 billion. During the same period in the prior year, the company earned $1.02 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts forecast that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is presently 7.95%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were 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 owns 7,908 shares in the company, valued at $621,015.24. This represents a 33.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,409 shares of company stock valued at $4,762,468 over the last quarter. 1.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC grew its position in shares of Primoris Services by 185.7% in the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after purchasing an additional 42,112 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Primoris Services by 74.6% during the second 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. Boston Partners lifted its position in shares of Primoris Services by 5.7% in the first quarter. Boston Partners now owns 537,293 shares of the construction company’s stock valued at $23,332,000 after acquiring an additional 28,997 shares in the last quarter. SG Capital Management LLC acquired a new stake in shares of Primoris Services during the first quarter valued at $4,192,000. Finally, Jane Street Group LLC increased its position in Primoris Services by 384.8% during the 1st quarter. Jane Street Group LLC now owns 115,803 shares of the construction company’s stock worth $4,930,000 after purchasing an additional 91,915 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.