Primoris Services (NASDAQ:PRIM) Earns Buy Rating from Analysts at Glj Research

Glj Research started coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report report published on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $160.00 price target on the construction company’s stock.

Several other research firms have also commented on PRIM. DA Davidson lifted their price target on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Janney Montgomery Scott started coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price target for the company. UBS Group lifted their price target on shares of Primoris Services from $100.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, July 22nd. Finally, Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.82.

Primoris Services Price Performance

PRIM opened at $130.03 on Monday. Primoris Services has a 1-year low of $49.10 and a 1-year high of $135.73. The company has a 50-day moving average of $110.53 and a 200-day moving average of $83.22. 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 company has a market capitalization of $7.02 billion, a P/E ratio of 43.05 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the business posted $1.04 EPS. The company’s quarterly revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities analysts expect that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services’s payout ratio is presently 7.26%.

Insider Transactions at Primoris Services

In other news, COO Jeremy Kinch sold 3,006 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the sale, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This represents a 23.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares of the company’s stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 25,941 shares of company stock valued at $3,004,821. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its stake in shares of Primoris Services by 294.1% in 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 period. Brooklyn Investment Group lifted its stake in shares of Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after acquiring an additional 544 shares during the period. Osterweis Capital Management Inc. acquired a new stake in shares of Primoris Services in the 2nd quarter worth approximately $34,000. Public Employees Retirement System of Ohio raised its holdings in shares of Primoris Services by 85.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock worth $38,000 after purchasing an additional 223 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock worth $42,000 after purchasing an additional 535 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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.