Primoris Services Co. (NASDAQ:PRIM) Given Consensus Rating of “Moderate Buy” by Brokerages

Primoris Services Co. (NASDAQ:PRIM) has been given a consensus rating of “Moderate Buy” by the eight ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $85.75.

Several research firms recently issued reports on PRIM. Guggenheim restated a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. DA Davidson reiterated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Finally, KeyCorp increased their price target on Primoris Services from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Wednesday.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of Primoris Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. USA Financial Formulas purchased a new position in shares of Primoris Services during the fourth quarter valued at approximately $27,000. Versant Capital Management Inc boosted its holdings in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after acquiring an additional 347 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in shares of Primoris Services in the first quarter valued at about $45,000. Finally, Principal Securities Inc. lifted its position in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Price Performance

NASDAQ PRIM opened at $68.37 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a 52-week low of $45.92 and a 52-week high of $90.86. The business has a 50 day simple moving average of $60.82 and a 200 day simple moving average of $71.43. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 22.64 and a beta of 1.33.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.28. 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 $1.49 billion. During the same period in the previous year, the business earned $0.47 EPS. The company’s revenue was up 16.7% compared to the same quarter last year. Analysts anticipate that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, June 30th. Primoris Services’s dividend payout ratio is presently 8.47%.

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.